MCS 1000 Lecture 3: Chapter 9 Marketing

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Raffi Sarmazian

Document Summary

Taking population and grouping them into people with similar needs than giving results. Using different marketing mix activities marketing mix activities to help customers perceive the product as being different from competing products. A framework to relate market segments of potential buyers to products offered or potential marketing actions by the firm. (vertical column is describer; horizontal column is producers) One product and multiple markets: avoids extra costs of developing additional versions, low incremental costs. Multiple products and multiple markets segments: effective if it doesn"t reduce quality or increase price (car companies) Segments of one mass customization: tailoring goods or services to the tastes services to the tastes of individual customers on a high-volume scale (personalize your information/todays market) Organizational synergies: increase customer value (creating more products, improving quality of original product, lower prices) (old navy/banana republic, same company different prices) Cannibalization: creating different stores/chains/products they cannibalize there existing products) Similarity of needs of potential buyers within a segment.