Converting potential to actual Positioning: Need identification Adapting international practices to the local context Information system warehouse Product development department — continuously studies market and analyses competitive landscape Product Portfolio: Product Portfolio Slide Product differentiation Variants in various basic products like savings bank accounts to suit different customer base and customer needs Product augmentation Redefinition of the banking products with extra benefits and features added to the products Creating concepts:
Under consumer characteristics there are three main bases for segmentation. The markets in which the companies operate specifically in the present age of Globalization are geographically far apart.
So for effective implementation of marketing strategies they need to be geographically segmented. This type of segmentation divides the market into different geographical units such as nations, states, regions, countries, trading blocks e.
The company can operate in one or a few geographic areas or operate in all but pay attention to local variations. In demographic segmentation the market is divided into groups on the basis of variable such as age, family size, family life-cycle, gender, income, occupation, education, religion, race, generation, nationality and social class.
Demographic variables are the most popular bases for distinguishing customer groups. One reason is that consumer wants, preferences and usage rates are often associated with demographic variables.
Another is that demographic variables are easier to measure. Even when the target market is described in non-demographic terms, the link back to demographic characteristics is needed in order to estimate the size of the target market and the media that should be used to reach it efficiently.
Some of the demographic variables used are: Age and Life-Cycle Stage: Consumers wants and liabilities change with age. On the basis of age, a market can be divided into four parts viz. For consumers of different age groups, different types of products are produced.
For instance, different types of ready-made garments are produced for consumers of different age groups.
A successful marketing manager should understand the age group for which the product would be most suited and determine his marketing policy, pricing policy, advertising policy etc.
Gender and sexual orientation: When God created human being he made Males and Females and gave them distinct survival needs. The gender segmentation is one of the most common forms of segmentation as around the globe man and woman have always been vocal about their separate needs.
Gender segmentation has long been applied in clothing, hairstyling, cosmetics and magazines. Occasionally other marketers notice an opportunity for gender segmentation.
Today even financial services are designed for women separately. Recent Launch of Horlicks Women is another example of this. Marital or cohabitaional status: An unmarried bachelor prefers to enjoy life and his purchase behaviour will show more of food and entertainment and less of furniture.
But a married person will purchase house and the furniture. After that if they have a child their purchase pattern again changes and they buy baby food, medicines etc. Thus marital status and the status of marriage vis-a-vis their age is an important variable of segmentation, as they definitely need to be catered differently.
It has been noticed that there has been a recent change in customer preferences, especially of the younger age groups or those of the present generation and the older ones are yet to catch up. Because of this one marketing strategy cannot be implemented for all.
So many researchers are now turning to generation segmentation. Each generation is profoundly influenced by the times in which it grows up — the music, movies, politics and events of that period.
It has a strong influence on preference in cars, clothing, home furnishings, leisure activities, reading habits etc. Many Companies design products and services for specific social classes. The size of the family affects the amount and size of purchases.
The consumption pattern of a big-sized joint family differs from a small-sized nucleus family. Today, the nine-stage FLC proposed by Wells and Gubar is the one to which reference is made most frequently.• Devising and executing market segmentation to acquire new clients from target sector and industry Zonal Credit Head- Unsecured Business Loan at ICICI Bank.
Pavan Goyal. IIM Lucknow graduate with 11+ years of experience in Investment Banking and Risk Management leslutinsduphoenix.com: Senior Treasury Dealer, Middle . Includes market size and segmentation data, textual and graphical analysis of market growth trends and leading companies.
Key Highlights - These countries contributed $36, billion to the global banks industry in , with a compound annual growth rate (CAGR) of 12% between and Market segmentation is a two-step process of: naming broad product markets, and segmenting those markets in order to select target markets.
Most segmentation efforts fail because inexperienced marketers attempt to find one or two demographic characteristics to segment a mass market. Jul 10, · Segmentation is the task of dividing up a market into mutually exclusive parts.
The underlying premise being that different groups of consumers will react in a . ICICI Bank-Bank of Rajasthan merger is the seventh voluntary merger in Indian banking sector, u/s 44A of the Banking Regulation Act, This is the ICICI Bank’s fourth acquisition after Sangli Bank.
The background of the merger can be traced to the regulatory intervention of SEBI and RBI on. Segmentation, targeting, positioning in the Marketing strategy of ICICI Bank – It uses demographic & psychographic segmentation strategies to segment the market and caters the changing needs of the customers.
Income, age, social class, occupation are some of the segment variables ICICI uses to segment the market and satisfy their growing needs & wants accordingly.