MKTG 341 Lecture Notes - Lecture 5: Target Market, Marketing Strategy, Psychographic
30 Jul 2017
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Document Summary
How to serve right customers? (differentiation & positioning) Segmentation: consumer markets, business markets, to divide the total & heterogeneous market (i. e. , mass market) into smaller. International markets homogeneous segments: based on distinct needs, characteristics, or behaviour. Requirements for segmentation: measurable, no way to identify the left-handed, accessible, no way to reach singles, substantial, large or profitable, differentiable, respond differently to different marketing programs, actionable, corporate capability of reaching segments. Multiple segmentation bases: merge geographic, demographic, psychographic, behavioural data, better understand key consumer segments. Segmenting business markets: geographic segmentation, demographic segmentation (industry, company size, behavioural segmentation (benefits, user status, loyalty status, others (operating characteristics, purchasing approaches, etc. Segmenting international markets: geographic segmentation, economic segmentation, cultural segmentation. Intermarket (cross-market) segmentation: forming segments of consumers who have similar needs of buying behaviours, even though they are located in different countries. Targeting: evaluating market segments, market targeting strategies, select market targeting strategies.
