COMM 131 Chapter Notes - Chapter 7: Marketing Mix, Mass Customization, Micromarketing

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Ethan Pancer

Document Summary

Segmentation involves dividing the market into smaller groups of buyers with distinct needs, characteristics, or behaviours that might require separate marketing strategies. Four important topics: segmenting consumer markets, segmenting business markets, segmenting international markets, and the requirements for effective segmentation. The major variables that might be used to segment a market are geographic, demographic, psychographic, and behavioural. Dividing a market into different units, such a global regions, countries, provinces, cities A company may decide to only operate in one area, or multiple ones. Many companies are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and even neighbourhoods. Dividing the market into segments based on variables such as age, gender, income level, family size, life cycle, occupation, education, ethic or cultural group, generation, etc. Demographic variables are easy to measure which is why they are widely used.