BUSI 2208 Lecture Notes - Geodemographic Segmentation, Psychographic, Marketing Mix
22 Dec 2012
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Document Summary
First step is to articulate the vision or the objectives of the company"s marketing strategy clearly. Segmentation strategy must be consistent and derived from the firm"s mission and objectives as well as the firms swot. Step 2: profile segments: describe the different segments (needs, wants, and characteristics), which help firms better understand the profile of the customers in each segment as well as the customers similarities within a segment and dissimilarities across segments. Geographic segmentation- the grouping of consumers on the basis of where they live: grouped by country, city, urban, rural, climate and topography, good for companies with products that satisfy needs that vary by region. Demographic segmentation the grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education: represent most common means to define segments because they are easy to identify. How the underlying goals affects the individual.
