Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Balsamic Vinegar, Pizza Hut, Psychographic

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Step 1: establish overall strategy or objectives: mission and the objectives of the marketing strategy, segmentation strategy must then be consistent with and derived from the rms mission as well as current situation (swot) Use a formal approach to segment the market. Develops descriptions of different segments: needs, wants, Can distinguish similarities within segment, and differences. Different segmentation bases: and characteristics across segments. Loblaws selection varies by region, m&m meats used geographic segmentation to launch stores in urban areas of large cities. Nike assumed only young active people would be their target, but health trend has. Overriding desires that drive how a person lives their life. Examples: self respect, self ful llment, or a sense of belonging. Causes people to develop self images of how they want to be and determine a way of life. Determines the benefits they look for in a product/service: self concept: the image a person has of himself or herself.