Class 2 Chapter 9
Interesting:
1.) The three typical uses of segmentation are finding similar members, making modeling better, and using marketing strategy to attach each segment differently. In terms of the first, this is when you find homogeneous members or finding those that are alike then seeing how they differ in term of satisfaction. When improving modeling you have to run a separate regression model for each segment and find the difference in the affect of the independent variables. When trying to attack the segments with marinating strategies you have to look at sensitivity. If a customer is sensitive to a certain subject it will change exactly what approach you will take compared to other segments.
2.) The four P's of strategic marketing; partition, probe, prioritize, and position. Partition is the act of dividing the market in to sub-markets to avoid the "one size fits all" concept. Probing is the aspect of finding more data but creating more variables. Prioritizing is the act of using financial analysis to weed out those who will succeed in the market and those that are not worth the effort to communicate to. Finally, positioning is bringing all of these aspect together to relay a message based on the specific sensitives found.
3.) Each segment should have a different reason for being a segment which relates to their individual algorithms. A good algorithm should be multivariable, multivariate, and probabilistic. There needs to be multiple variables because consumer behavior is explained by more than one variable. It should be multivariate because each variable effects the behavior simultaneously and interact with one another. Finally it should be probabilistic because consumer behaviors has a distribution and can be irrational at some point.
Questions:
1.) By basing a market as a priori less or more effective?
2.) How does the conceptual process relate to or differ from the consumer purchase journey?
3.) What happens if when you're scoring the probability for the customer to fit in a segment, all of the probabilities are low?
1.) The three typical uses of segmentation are finding similar members, making modeling better, and using marketing strategy to attach each segment differently. In terms of the first, this is when you find homogeneous members or finding those that are alike then seeing how they differ in term of satisfaction. When improving modeling you have to run a separate regression model for each segment and find the difference in the affect of the independent variables. When trying to attack the segments with marinating strategies you have to look at sensitivity. If a customer is sensitive to a certain subject it will change exactly what approach you will take compared to other segments.
2.) The four P's of strategic marketing; partition, probe, prioritize, and position. Partition is the act of dividing the market in to sub-markets to avoid the "one size fits all" concept. Probing is the aspect of finding more data but creating more variables. Prioritizing is the act of using financial analysis to weed out those who will succeed in the market and those that are not worth the effort to communicate to. Finally, positioning is bringing all of these aspect together to relay a message based on the specific sensitives found.
3.) Each segment should have a different reason for being a segment which relates to their individual algorithms. A good algorithm should be multivariable, multivariate, and probabilistic. There needs to be multiple variables because consumer behavior is explained by more than one variable. It should be multivariate because each variable effects the behavior simultaneously and interact with one another. Finally it should be probabilistic because consumer behaviors has a distribution and can be irrational at some point.
Questions:
1.) By basing a market as a priori less or more effective?
2.) How does the conceptual process relate to or differ from the consumer purchase journey?
3.) What happens if when you're scoring the probability for the customer to fit in a segment, all of the probabilities are low?
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