BUS 343 Lecture Notes - Lecture 30: Harley Owners Group, Market Segmentation, Psychographic
16 Sep 2016
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In our modern, complex society, it"s na ve to assume that everyone"s needs are the same: understanding people"s needs is an even more complex task today b/c tech/cultural advances in modern society create a condition of market fragmentation. Market fragmentation = the creation of many consumer groups due to a diversity of distinct needs & wants in modern society. People"s diverse interests & backgrounds divide them into numerous groups w/distinct needs & wants b/c of this diversity, the same g/s will not appeal to everyone. Marketers must balance the efficiency of mass marketing, where they serve the same items to everyone, w/the effectiveness that comes when they offer each individual exactly what they want. Mass marketing certainly costs less: when we offer 1 product to everyone we eliminate the need for separate advertising campaigns & distinctive packages for each item, however, consumers see things differently.
