24108 Lecture Notes - Lecture 4: Niche Market, Marketing Mix, Brand Loyalty
Document Summary
Week 4 - market segmentation, targeting and positioning. The market: a group of customers with heterogeneous needs and wants, it is virtually impossible for an organisation to successfully appeal to every consumer or business. Target marketing: an approach to marketing based on identifying, understanding and developing an offering for those segments of the total market that the organisation can best serve, markets can have a variety of characteristics: Buyers have common wants, needs and demands. Buyers have unique wants, needs and demands. The market contains subgroups: market segments: subgroups within the total market that are relatively similar in regard to certain characteristics. Market segmentation: segmentation variables: characteristics that buyers have in common and that might be related to their purchasing behaviour. Segmenting consumer markets: the variables for segmenting consumer markets fall into four broad categories, geographic, demographic, psychographic, behavioural, variables need to be easy to measure, readily available and linked closely to the purchase of the product in question.
