Mar 3023 Lecture Notes - Lecture 6: Selena Gomez, Frito-Lay, Cracker Barrel
Document Summary
Chapter 7: segmenting is putting people into buckets, targeting is making messages for those specific people/buckets, superbowl ads. #33 mexican avocados: segmentation helps firms in 3 ways: Decide how to allocate marketing resources: demographic segmentation: age, gender, income, marital status and family size. Mcdonalds segments by age happy meals for children, mighty kids for older kids, dollar menu for high school & college kids. Cracker barrel usually near a major highway: behavioral segmentation: loyalty, price sensitivity, occasions, usage rate categorizes consumers based on how they act toward a product include occasions such as wedding or business trip, loyalty. Based on 80/20 rule; 20% of your customers make up 80% of your revenue: psychographic segmentation: psychological traits, motivation, consumer attitudes lifestyle segmentation divides people based on opinions. Vals network identifies three motivations: ideals, achievement, self-expression. Ex. homeschooling: business-to-business segmentation: demographic, geographic, behavioral, social media plays a big role in market segmentation. Access to a larger and more diverse consumer base.
