MKT 100 Lecture Notes - Lecture 7: Unique Selling Proposition, Ryerson University, Target Market

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Daryl D' Souza

Document Summary

Week 6: analyzing the situation - swot a. Segmentation: identify and profile distinct groups of buyers who differ in their needs and preferences. Targeting: select one or more market segments to enter. Positioning: establish and communicate the distinctive benefits of the market offering. Market segments should be heterogeneous between different market segments, but homogenous within their specific market segment. Bases for segmentation (goodpub: geographical, region, urban/rural, city size, climate, culture(country cultural, ex. Market - refer a group of buyers (ex. Segment - refer the subgroup of buyers within the market that have a common need. Female baby boomers who are empty nesters, are retired and enjoy reading. The role of the marketer is not to create the segment, but to identify the segment and determine which to target. In identifying market segments, begin with understanding the common need and then layer in geographic, demographic, psychographic, usage, and benefit characteristics.