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Chapter 3 Consumer Behaviour notes.docx

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University of Guelph
Marketing and Consumer Studies
MCS 2600
Lianne Foti

Chapter 3 Consumer Behaviour Market SegmentationKLV0DUNHW6HJPHQWDWLRQ1HFHVVDUMarket segmentation strategic targeting and product service positioning are the key elements of marketing most consumer goodsMarketers use segmentation research to identify the most appropriate media in which to place ads ULWHULDIRUIIHFWLYH7DUJHWLQJNot every segment is practical or profitableTo be an effective target a market segment should be Identifiable Must be able to identify characteristics relative to the productserviceEg demographics income education marital status benefit sought lifestyle etc SizeableIn order to be worthwhile a segment must have enough consumers to make targeting profitableTo measure a segment size and profitability marketers use secondary data Eg Census figures StableStable in terms of lifestyleconsumption patterns Avoid inconsistent segments that are unpredictableAccessible Marketers must be able to reach that market segment in an economical way Congruent With Companys objectivesResources Not every company is interested or has the means to reach every market segment even if that segment meets the 4 preceding criteria DVHVIRU6HJPHQWDWLRQ Almost all segmentation plans are in the forms of hybrid segmentation that includes attributes from 2 or more of the 4 quadrants The 4 groups stem from the 2 segments Facts Can be determined from direct questioningcategorized by a single objective measureCognitions Abstract an
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