MKT 3305 Lecture Notes - Lecture 7: Generation Z, Marketing Mix, Millennials
Document Summary
Target marketing : select & enter a market. In our modern, complex society, it is a mistake to assume everyone"s needs are the same. Market fragmentation occurs when diverse interests and backgrounds of individuals create greater diversity in needs and wants. Targeting : evaluate segments and decide which to go after. Positioning : develop a marketing mix that will create a competitive advantage in the minds of the selected target market. Market fragmentation, and the reduced effectiveness of mass marketing efforts in turn underscores the importance of developing a true target marketing strategy. Segmentation is the process of dividing a larger market into smaller pieces based on meaningful, shared characteristics. Segmentation, not stereotyping: the idea of segmenting is to identify groups of customers with similar needs, allows marketing to be more efficient and more effective. Segmenting by demographics : gender: many products appeal to one sex or the other. Segmenting by demographics : income & social class.
