MKTG 322 Lecture Notes - Lecture 3: Mass Customization, Marketing Plan, Healthy Choice
3 Feb 2020
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Document Summary
Trend of moving from mass production to markets of one. Mass customization: a production approach that uses those advances to create goods and services that meet the unique needs of specific customers. Segmentation: practice that seeks out pieces of the total market that contain customers with identifiable characteristics, as defined by income, age, personal interests, ethnic background, special needs, and so forth. Point is to break a mass market into submarkets of customers who have common needs. Identifying these segments makes it possible to do 2 things : create goods and services that are better tailored to the needs of specific customers, focus marketing resources more efficiently. Once you"ve completed the related tasks of segmenting and targeting, you must develop a plan for your product or product line. Marketing plan should engage each of the four p"s: product, place, price, and promotion. Positioning: an attempt to manage how potential customers perceive a product or service.
