BU352 Chapter Notes - Chapter 7: Mass Customization, Psychographic, Fixed Cost
Document Summary
Step 1: establish overall strategy or objectives: articulate the mission and objectives of the company"s marketing strategy. Self-values: goals for life, not just the goals one wants to accomplish in a day; overriding desires that drive how a person lives their life (self-respect, self-fulfillment, sense of belonging) Self-concept: the image a person how of themselves. Lifestyles: the way we live our lives to achieve goals. Vals: a psychological tool developed by strategic business. Not as objective, harder to use: behavioral segmentation: groups consumers based on the benefits they derive from products or services, their usage rate, their user status, and their loyalty. Benefit segmentation: groups consumers based on the benefits they derive from products or services. Loyalty segmentation: strategy of investing in retention and loyalty initiatives to retain the firm"s most profitable customers: multiple segmentation methods. Geodemographic segmentation: the grouping of consumers based on a combination of geographic, demographic and lifestyle characteristics.
