MKTG 3101 Lecture Notes - Lecture 5: Dollar Shave Club, Procter & Gamble, Pepperidge Farm
Document Summary
A market consists of all possible consumers for a good or service. Market segmentation divides the market into distinct subsets of customers. Target market is the sub-group that your company focuses its marketing effort on. Positioning is the perception you create in your target markets mind about your product or service. Steps in developing a segmentation, target market and positioning strategy. Market segmentation is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs. Doesn"t give us insight into users as individuals. Demographic segmentation divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. Doesn"t say much about the real person. Psychographic segmentation divides buyers into different groups based on social class, lifestyle, or personality traits. We are all familiar with dunkin donuts and starbucks.
