MKT 100 Lecture Notes - Lecture 6: Smartbook, Marketing Mix, Geodemographic Segmentation

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Julie Kellershohn

Document Summary

Step one establish overall strategy or objectives. Articulate the mission and the objectives of the company"s marketing strategy clearly. The segmentation strategy must be consistent with and derived from the firms mission and objectives as well as its current situation- its strengths, weaknesses, opportunities, threats. Develops different segments, and their needs, wants, and characteristics which helps firms better understand the profile of the customers in each segment. With this info, they can distinguish the customer similarities within a segment and dissimilarities across segments. Soft drink markets have broken up the carbonated-beverage landscape into caffeinated or decaffeinated, regular or diet, and cola verus something else. This segmentation method is based the benefits that consumers derive from the products. Use bases including geographic, demographic, psychographic, and behavioural or a combination. Geographic segmentation organizes customers into groups on the basis of where they live, grouped by country, region, or by climate and topography, useful for companies whose products satisfy needs by region.