Management and Organizational Studies 3370A/B Lecture Notes - Lecture 9: Psychographic, Product Differentiation, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3370A/B
• Professor: Shannon Benson

Document Summary

A market segment is a piece of a market. There are two main market segments that a product can be categorized under. Consists of all products, ideas and services that can be purchased by a customer for support or personal use. Consists of all products purchased either to run a business or to be used as a component of a product to be sold in the consumer market. Is where a marketer aggregates prospective buyers with common needs and therefore satisfying the given needs with a single marketing program. In order to stand out in a common scenario in which multiple firms are competing in a single market or market segment, companies use a method called product differentiation. Product differentiation involves positioning a product apart from the competition so it looks unique to the consumer. This does not mean that the product has to be better than the competition.