COMM 131 Chapter Notes - Chapter 7: Lgbt, Marketing Mix, American Express

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Jacob Brower

Document Summary

Companies must identify the parts of the market it can serve best and most profitably. Aim to design customer-driven marketing strategies that build the right relationships with the right customers. Steps to a customer-driven marketing strategy: market segmentation, market targeting, market differentiation, market positioning. Segmentation: dividing a market into distinct groups with distinct needs, characteristics, or behaviours that require separate marketing strategies and mixes. Dividing a market into different geographical units (global regions, countries, provinces, cities, type of region, etc. ) Pay attention to geographical differences in needs and wants. Ie. coca-cola made four ready-to-drink canned coffee for the japanese market, each targeted at a specific region. Small businesses (hair salons, dentist offices) focus on local regions. Destination-type businesses (restaurants, sports facilities) focus on larger regions: demographic segmentation. Dividing the market into segments based on variables such as age, gender, family size, life cycle, income, education, ethnic group, generation, etc. Consumer needs and wants change with age.