MCS 2600 Lecture Notes - Lecture 2: Behavioral Targeting, Social Class, Psychographic

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2600
• Professor: Karen A.Gough

Document Summary

All consumers are not alike because they have different needs, wants, desires, backgrounds, education levels and experiences: marketers must offer alternatives that correspond to the needs of different consumer groups or segments. Market segmentation, strategic targeting and product (or service) positioning are the key elements of marketing consumer goods and services. Marketers use segmentation research to identify the most appropriate media in which to place advertisements. To be an effective target, a market segment must be: identifiable: marketers divide consumers into separate segments on the basis of common or shared needs by using demographics, lifestyles and other factors names. Not every company is interested in or has the means to reach every market segment, even if that segment meets the four preceding criteria. A segmentation strategy begins by dividing the market for a product into groups that are relatively homogeneous and share characteristics that are different from those of other groups: these characteristics can be classified into two types: