MRKT 351 Lecture Notes - Lecture 8: Target Market, Marketing Mix, Product Differentiation
Document Summary
Chapter 8 creating value for target customers. Market segmentation dividing a market into smaller groups with distinct needs, characteristics or behaviors that might require separate marketing strategies or mixes. Market targeting the process of e(cid:448)aluati(cid:374)g ea(cid:272)h (cid:373)arket seg(cid:373)e(cid:374)t"s attractiveness and selecting one or more segments to enter. Differentiation actually differentiating 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. Geographic segmentation dividing a market into different geographical units such as nations, regions, provinces, countries, cities or neighborhoods. Age and life-cycle segmentation dividing a market into different age and life cycle groups. Gender segmentation dividing a market into gender groups. Income segmentation dividing a market into different income groups. Psychographic segmentation dividing a market into different groups based on social class, lifestyle or personality characteristics.
