MKTG10001 Lecture Notes - Lecture 4: Psychographic, Marketing Mix, De Beers

• School: University of Melbourne
• Department: Marketing
• Course: MKTG10001
• Professor: Simon Bell

Document Summary

Rather than trying to compete in an entire market, sometimes against superior competitors, each company must identify the parts of the market that it can serve best. Individuals, groups or organisations with one or more similar characteristics that cause them to have similar product needs. Made up of people currently buying and potential buyers. Dividing large market into smaller target markets or customer groups. Respond in a similar way to product offerings and marketing initiatives. Figure out which part of the market you can best serve based on what they need and what you offer. Characteristics of individuals, groups or organisations used to divide a market into segments. How we consume and what we buy is effected by these variables. Supre target teenage girls by advertising in magazines such as girlfriend and setting up an interactive facebook page. Occasion they are looking for (e. g. ) buying diamonds for engagements de beers.