MKT 100 Chapter Notes - Chapter 06: Mass Marketing, Canadian Tire, Micromarketing

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: All

Document Summary

Step 1 establish overall strategy or objectives. Articulate the mission and the objectives of the company"s marketing strategy clearly. Must be consistent with and derived from the rm"s missions/objectives as well as its current situation (swot) Use a formal approach to segment the market. Descriptions of the different segments and their needs/wants/characteristics to help rms better understand the pro le of the customer in each segment. With this info they can distinguish the customer similarities and differences within a segment. Marketers use various segmentation bases: geographic, demographic, psychographic, and behavioural. Organizes customers into groups on the basis of where they live. Grouped by country, region, areas, or by climate/topography. Most useful for companies whose products satisfy needs that vary by region. Better marketers make adjustments to meet the needs of each segmentation within geographic groups. Groups consumers according to easily measured/objective characteristics such as age, gender, income, education, race, etc.