Class Notes (838,386)
Canada (510,872)
MGMA01H3 (97)
Angela Xu (5)

Chapter 8.docx

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Management (MGM)
Angela Xu

Chapter 8customerdriven marketing strategycreating values for target customersTarget marketing indentifyingmarket segments selecting 1 and developing products and marketing programs tailored to each o shotgun approachscattering marketing efforts o rifle approachfirms to focus on the buyers who have greater interest in the values they create bestMarket segmentation dividing a market into smaller groups w distinct needs characteristics or behaviours that might require separate marketing strategies or mixesMarket targeting targeting the process of evaluating each market segments attractiveness and selecting 1 segments to enterDifferentiation actually differentiating the market offering to create superior customer valuePositioning arranging for a market offering to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumers Market segmentationMarket segmentation to DIVIDE LARGE hetero markets into small segments can better math to unique needsSegmenting consumer markets Geographic segmentationGeographic segmentation dividing a market into different geographical units such as nations regions provinces counties cities or neighbourhoods Demographic segmentationDemographic segmentation dividing the market into groups based on variables such as age gender family size family life cycle income occupation education religion race generation and nationality o Most popular for segmenting customer groups o Variables easier to measure in this fomr 1
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