SOCSCI 2EN3 Lecture Notes - Lecture 6: Market Segmentation, Marketing Mix, Psychographic

• School: McMaster University
• Department: Social Sciences
• Course: SOCSCI 2EN3
• Professor: Duncan Gillespie

Document Summary

Old view of marketing: activities directing the flow of goods + services from producer to consumer or user. Small business marketing consists of those business activities that relate: identifying a target market, determining target market potential, preparing, communication, and delivering a bundle of satisfaction to directly to the target market. Market analysis: evaluation process that encompasses market segmentation, market research and sales forecasting. Marketing mix: combination of product, pricing, promotion and distribution. Marketing philosohpies make a difference: all marketing efforts begin and end with the customer. Consumer oriented: focus is one consumer"s needs, philosophy is most consistent with long-term success of firm. Production oriented: emphasizes development of the product and production efficiencies over other activities. Sales oriented: favours product sales or production efficiencies and customers preferences. Market analysis: customer profile, sales forecasts, competition. Description of potential customers in a target market (cid:498)most likely(cid:499), (cid:498)optimistic(cid:499), (cid:498)pessimistic(cid:499) Setting an acceptable value on the product: promotional. Communicating information to the target market: distribution.