MRKT 354 Lecture Notes - Lecture 4: Product Differentiation, Discriminant, Nordstrom
Document Summary
Objectives: customers (heterogeneity and dynamics), segmentation, targeting, positioning (sto) strategies and branding strategies. Marketers are finally getting to know customers: significant development in technology and methodology, big data, analytics, machine learning and ai, neuromarketing, how companies learn your secrets (article written in 2012. Quantity, time of use, personal , social, frequency of use. Magnified by marketing activities: (ex: because you are ___ type of customer you should like this) Demographics and geographic are easy to measure, psychographic and behavioral are used less. Understanding what people need goes to the source of customer preferences. ^ example for a small business market for a bank. These are outcomes of the needs not causes of the needs. Step 1 and 2: separating segment core needs and attach associated descriptors. This technique simplifies the data by creating new measures from existing variables and narrows it down to something meaningful.
