BU352 Chapter Notes - Chapter 7: Mass Customization, Ebay, Micromarketing
Document Summary
Articulate the mission and the objectives of the company"s marketing strategy clearly. The segmentation strategy must be consistent with and derived from the firm"s mission and objectives, as well as its current situation it"s strengths, weaknesses, opportunities and threats (swot) Use a formal approach to segment the market. Marketers use various segmentation bases, including geographic/demographic, psychographic, and behavioural, or a combination of these segmentation approaches. Geographic segmentation- the grouping of consumers on the basis of where they live. Firms can provide the same basic goods or services to all segments even if they market globally or nationally; but, better marketers make adjustments to meet the needs of smaller geographic groups. Demographic segmentation the grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education. One demographic variable, gender, plays a very important role in how firms market products and services. Demographics may not be useful for defining the target segments for other companies.
