BUS 1000 Lecture Notes - Lecture 5: Retail, Demand Characteristics, Psychographic

• School: University of Denver
• Department: Business Core
• Course: BUS 1000
• Professor: Haag Stephen

Document Summary

Segmentation: is the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Factors: clear identification of the segment (unique group, measurability of the segment"s size (determine customers, accessibility of the segment through promotional efforts, appropriateness to the policies and resources of the company (does it make sense to provide/sell) Strategies: behavioral (group customers on habits spending, lifestyle, consuming, demographic (age, race, religion, gender, family size, income, edu, psychographic (personality traits, values, and interests, location. Targeting: who you are going to promote your business to. Business to business (b2b) sell products/services to other businesses. Positioning: show our potential customers/our target market that we are different from other businesses. Creating a marketing strategy that helps your target market identify your business as unique. Positioning statement: is at the heart of the marketing strategy.