ADM 3322 Lecture 3: Chapter 3
Document Summary
Market segment - composed of a group of buyers sharing common needs, purchasing behavior, consumption pattern and other characteristics. Demographic - on its own will not result in meaningful segments. Psychongraphic - useful for strengthening brand identity and creating emotional connection. Develop recognized expertise to provide protection from competitors and allow firms to charge premium. Broad market with wide range of services. Raise concern of jack of all trade and master of none . Narrow market with wide range of services. Need to understand customer purchasing practice and preference. Need to make sure operational capability to deliver all different activities. Narrow range of service to fairly broad market. Position should provide one simple and consistent message. Position must set firm/product apart from competitors. A company cannot be all things to all people > must focus. Must establish position for firm/product in minds of target customers. Developing, targeting and positioning integrates with customer, competitor and.