MKTG1001 Lecture Notes - Lecture 5: Socioeconomic Status, Psychographic, Tigerair

• School: University of Sydney
• Department: Marketing
• Course: MKTG1001
• Professor: Jeaney

Document Summary

Choose which segment to target (market segmenetation) The process of diving a market into groups of consumers with common needs for the purpose of selecting one or more segments to target with a distinct marketing strategy. Consists of buyers; differ in one or more ways. (slice up market into pie ) Can differ in wants/resources/locations/buying attitudes/buying practices or preferences for buying channels (online, in store) Unique needs/wants each buyer is potentially a separate market seller design separate marketing program for each. Marketing strategy ways which company can be differentiated. Segment consumers, not products products designed for segments. Segment for needs of different types of consumers e. g. segmentation of cars. Dividing market into distinct groups of buyers different needs, characteristics, behaviour who might require separate products or marketing mixes: market targeting. Evaluating each market segment"s attractiveness + selecting one or more of market segments to enter: market positioning. Setting the competitive positioning for the product + creating a detailed marketing mix.