ADM2320C Chapter 8 - Segmentation, Targeting, and Positioning

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Adm2320c chapter 8 - segmentation, targeting, and positioning. Develop appropriate marketing programs: demographic segmentation, most common method. Divide market into groups based on: gender, age, ethnic group, family lifecycle stage, household type, income, other, ex. Consensus excellent source of segmentation data: psychographic segmentation: how consumers describe themselves. Self-values: goals for life, not just the goals one wants to accomplish in a day. In this context, they refer to overriding desires that drive how a person lives his or her life. Lifestyles: the way a person lives his or her life to achieve goals. Benefit segmentation: the grouping of consumers on the basis of the benefits they derive from products or services. Loyalty segmentation: strategy of investing in loyalty initiatives to retain the firm"s most profitable customers. Geo-demographic segmentation: the grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics.

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