BMGT 350 Chapter Notes - Chapter 6: Target Market, Psychographic, Micromarketing
22 Apr 2016
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Market segmentation: diving a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Market targeting: evaluating each market segment"s attractiveness and selecting one or more segments to enter. Differentiation: differentiation the market offering to create superior customer value. Positioning: arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers. Dividing a market into different geographical units, such as nations, states, regions, counties, cities or even neighborhoods. Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, generation: age and life cycle stage: Dividing a market into different age and life-cycle groups. Must be careful to not stereotype: gender segmentation: Knowledge, attitudes, uses of a product, responses to a product: occasions:
