MKT 100 Lecture Notes - Lecture 6: Psychographic, Marketing Mix, Micromarketing

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Paul Gillespie

Document Summary

S: identify and profile distinct groups of buyers who differ in preferences. T: select one or more market segments to enter. P: communicate benefits of market by getting customers to form a mental picture. Market segment: consumers with similar preferences in the workplace. Market segmentation: categorizing consumers who comprise a segment. Target segment: a qualified market segment that a company chooses to pursue. Identify a market segment, then start analysis with a common need. I. e. marathon versus casual running; both runners share common needs such as durability and support. However they differ in needs of status quo, comfort and cost. Demographic: age, education, income, occupation, social status, and etcetera. Psychographic: lifestyle, passions, interests, social class and values. Behavioral: product usage rate, brand loyalty, purchase readiness and attitudes. Three possible segmentation patterns: homogenous (common), diffused (separate) and clustered (groups of commonalities). Segmentation strategy: mass or undifferentiated, differentiated, concentrated and.