BUSI 4220U Lecture Notes - Lecture 4: Geodemographic Segmentation, Sough, Marketing Mix
Document Summary
Market segmentation process of dividing a market into groups of similar consumers who have the potential of being effectively targeted. Target market selecting the most appropriate group(s) and individuals (segments) for the firm to serve. Designing and executing a strategy to form a particular mental representation of the brand in the consumer"s mind. Brand position typically the goal is to position the brand in some favourable way relative to competitive offerings. Most markets are heterogeneous; variation among market segments in: product preferences, size and growth in demand, response to marketing mix actions. Intense competition: population growth has slowed and more product markets are maturing. Identifying a homogeneous segment that differs from other segments. Demographic who the customers are: age, sex, income, occupation, education, race and ethnic origin, industry code, firm size, number of employees. Geographic criteria where: trade area definition area within a geographically defined region, geodemographic segmentation involves both factors.
