Management and Organizational Studies 2320A/B Chapter Notes - Chapter 6: Target Market, Three Steps, Mega Brands

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

How a segmentation strategy fits into a firm"s overall strategy and objectives and which segments are worth pursuing. How to choose a target market by evaluating each segment"s attractiveness and choosing which segment to pursue. Step 1 : establish overall strategy or objectives. First step is to articulate the mission and the objectives of the company"s marketing strategy clearly. Segmentation strategy must be consistent with firm"s mission, objectives and its current situation. Second step is to use a formal approach to segment market in which it develops descriptions of the different segments and their needs, wants and characteristics. It helps firms to understand the profile of each segment to distinguish similarities and dissimilarities. Geographic segmentation : the grouping of consumers on the basis of where they live. It may be grouped by country, region, areas with a region or climate and topography.