RSM250H1 Lecture 3: RSM250H1F Lecture 3 Notes
Document Summary
Market segmentation, target market selection, and positioning reading. Next stage of the marketing process consists of: market segmentation, target market selection, positioning. Dividing the market into groups of (potential) customers. Goal is to have the groups separated to see what can target their interest in the product/ service. Large markets like heterogeneous market can be served more efficiently by segmenting the market. Segment the market and develop prototypical customer profiles based on the customer benefits. Find the observable variables (such as demographic characteristics0 most likely to discriminate among the benefit segments to identify member shop in specific segments. Involves evaluating each market segment"s attractiveness and selecting one or more of the market segments to enter. Objective is to select segments in a way that a firm can maximize profits. Collect and compare data on the company and its competitors to see which area is your best potential.
