MKT 100 Lecture Notes - Lecture 6: Boston Consulting Group, Marketing Mix, Target Market

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Demographics - characteristics of human populations and segments, especially those used to identify consumer markets, such as age, gender, income, race, ethnicity and education. Psychographics - this segmentation base delves into how consumers describe themselves; allows people to describe themselves by using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices. Buyer behaviour - different behaviour towards what you buy, shop. Growth strategies - what would u do to grow your company: Market penetration: a growth strategy that employs the existing marketing mix and focuses the firm"s efforts on existing customers. Market development: a growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international or segments not currently served by the firm. Product development: a growth strategy that offers a new product or service to a firms current target market.