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BUS 446 - Lecture 5

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Simon Fraser University
Business Administration
BUS 446
Lindsay Meredith

Debate for next week: Team 3: Demographics are dead. Today is all about Psychographics. Used Behaviour, Scanner Data for Segmentation (e.g. Safeway cards) Team 2: Bull. You can trade off disadvantage using other mixed variables  E.g. Price vs Quality Service  This is why we get multiple prices  differentiation o EVC = Economic Value to Customer Aritotelen Syclogism (?)  If the premise is wrong – fundamental premise – then everything else that follows is wrong  First number has to be right or in the ball park Market Segmentation  Markets are not homogenous – that’s a problem o Homogeniety: Buyer wants, needs & characteristics are all similar  Markets are Heterogeneous o Comprised of heterogeneous consumer groups but they do share homogeneous characteristics & needs  Objective is to ID these homogeneous sub-groups & design marketing strategies to access them Subdivides a market into homogeneous subsets of customers where any subset may be selected as a target market to be reached by a distinct marketing mix Segmentation  Target Market -- non-compatability. Lol. Need- - Need Satisficer  E.g. Drug dealer and junkie The farther you move out of the center, the harder you have to work to get what you want  the business What about the peripheral markets?  More options you have  risk diversification  Competition  Clear big market may have a lot of competition o Go after the more specific ones where there’s no good need satisficing, you can grow  Product life cycle o Growth  easy to enter competitors -- How to Segment 1) Determine what dimensions of the Total Product Package are vital to
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