Business Administration 3301K Lecture Notes - Lecture 44: Coca-Cola Zero Sugar, Market Segmentation, Sobeys
Document Summary
Coca-cola had a plan: the high profile launch of coke zero avoided the dreaded word diet and specifically targeted men through its packaging, promotions, and image. A successful new product introduction needs to combine and innovative product with a marketing campaign that communicates the value of that new product to the targeted segment. The process of dividing the market into groups of customers who have different needs, wants, or characteristics who therefore might appreciate products or services geared especially for them is called market segmentation. The first step in the planning process is to articulate the mission and the objectives of the company"s marketing strategy clearly. The segmentation strategy must then be consistent with and derived from the firm"s mission and objectives, as well as its current situation. The second sept in the segmentation process is to use a formal approach to segment the market.