33:630:301 Lecture Notes - Lecture 2: Mass Customization, Marketing Mix
Document Summary
Chapter 9 - segmenting, positioning, and forecasting markets. Market segmentation links market needs to an organization"s marketing program through marketing mix actions. Aggregating prospective buyers into groups with similar needs and who respond similarly to marketing actions. Using marketing strategy that involves the firm using a mix of marketing activities to make consumers see product as superior product to competitors". One-size fits all mass markets no longer exist. Synergy: customer value accomplished by performing functions more efficiently. Simple and cost-effectiveness of assigning potential buyers to segments. Similarity of needs of potential buyers within a segment. Difference of needs of buyers among segments. Potential of a marketing action to reach a segment. Segmentation bases, variables, and breakdowns for u. s. consumer markets (ways to segment markets) Criteria to use in selecting target markets. Max level of sales that might be available to all organizations serving a defined market in a specific time period. Market sales potential = buyers x quantity x price.
