COMMERCE 2MA3 Chapter Notes - Chapter 6: Market Segmentation, Target Market, Swot Analysis
7 Nov 2016
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Document Summary
Marketing is about satisfying consumers" wants and needs. Companies analyze their markets and the environment around them to determine the different kinds of products and services people want. The third step of this plan is identifying and evaluating opportunities by performing a segmentation, targeting and positioning analysis. The first step in the planning process is to articulate the mission and the objectives of the company"s marketing strategy clearly. The segmentation strategy must then be consistent with and derived from the firm"s mission and objectives, as well as its current situation its strength, weaknesses, opportunities, and threats (swot). The second step in the segmentation process is to use a formal approach to segment the market. This step develops descriptions of the different segments, and their needs, wants, and characteristics, which helps firms better understand the profile of the customers in each segment. With this information, they can distinguish the customer similarities within a segment and dissimilarities across segments.
