Management and Organizational Studies 2320A/B Lecture Notes - Lecture 3: Data Type, Ideal Point, Micromarketing

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Colleen Sharen

Document Summary

The segmentation strategy must be consistent with and derived from the firm"s mission and objectives, as well as its current situation (swot) Develops descriptions of the different segments, and their needs, wants, characteristics, which helps firms better understand the profile of the customers in each segment. The grouping of consumers on the basis of where they live. Market could be grouped by country, region, by area within a region, or by climate and topography. Better marketers make adjustments to meet the needs of smaller geographic groups. Loblaw"s runs similar stores with similar assortments in various locations across canada. Within those stores though, a significant percentage of the assortment of goods will vary by region depending on the different needs of the customers who surround each location. The grouping of consumers according to easily measured objective characteristics such as age, gender, income, and education. Demographically segmented markets are easy to reach. Generational cohorts are often used by marketers.