MKT 100 Lecture Notes - Lecture 6: Target Market, Breakcore, Market Segmentation

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11 Apr 2016
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MKT 100 Full Course Notes
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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 by getting customers to form a mental picture. Market: refers to a group of buyers. Market segment: refers to the subgroup of buyers within the market that have a common need. Segmentation process: needs-based segmentation, segment identification, segment attractiveness, segment profitability, segment positioning, segment acid test. Is the act of designing the company"s offering and mage to occupy a distinctive place in the mind of the target. While it starts with a product or service, it is not what you do to a product, but what you do to the mind of a prospect. You position the product in the mind of the prospect: your marketing mix reflects the positioning you are trying to establish with your target market.

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