B A 370 Chapter Notes - Chapter 9: Target Market, Swot Analysis, Micromarketing
Document Summary
Establish strategy or objectives > use segmentation methods > evaluate segment attractiveness > select target market > identify and develop positioning strategy. Step 1: establish the overall strategy or objectives. Articulate the vision or objectives of the company"s marketing strategy clearly. Must be consistent with and derived from the firm"s mission and objectives as well as its current situation, swot. Use a particular mouthed or combination of methods to segment the market. Develops descriptions of the different segments, which helps firms better understand the customer profiles inch segment. Firms can distinguish customer similarities within a segment and dissimiarlities across segments. Marketers use geographic, demographic, psychographic, benefit, and behavioral segmentation methods. Geographic segmentation - organizes customers into groups on the basis of where they live. Market could be grouped by country, region, or areas within a region. Most useful for companies whose products satisfy needs that vary by region.
