MKT-3010 Lecture Notes - Lecture 9: Proximity Marketing, Geocoding, Swot Analysis
Document Summary
Needs to be consistent with the mission statement, goals set by bosses during the quarter or year, and the current situation (swot analysis) Step #2: segmentation: breaking up the market into target groups: helps the firm understand the customer. Behave or consume in a similar manner. What is dissimilar across segments: links needs to actions. Take steps to segment and target markers. Step #1: establish overall strategy or objectives: segmentation strategy. Demographic segmentation: organizing or segmenting based on people"s demographics. 2 most common ways we segment based on demographics are gender and age the most common because it"s objective and it"s an easy way to segment. Geographic segmentation: organizing or segmenting based on where people live. Proximity marketing: where you are in proximity to a retail location. Geocoding: where your customers are on the map. Psychographic segmentation: how do customers describe themselves. Personal characteristics and psychological reasoning to why we buy what we buy.
