MCS 2600 Chapter Notes - Chapter 3: Marketing Mix, Psychographic, Market Segmentation

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2600
• Professor: Nicole Mc Callum

Document Summary

Marketing sementation is the opposite of mass marketing. Positioning is the unifying element of each marketing mix because it expresses the offering"s value proposition which details the product"s or service"s capability to deliver specific benefits corresponding to consumers" unfulfilled needs. Any company of consumer goods that offers a single product is unlikely to survice, unless the product offered is extremely specialized and designed for a very specific consumer niche. Market segmentation, strategic targeting, and product (or service) positioning are the key elements of marketing most consumer goods. Marketers use segmentation research to identify the most appropriate media in which to place advertisements. Accessible: to be targeted, a segment must be accessible, which means that marketers must be able to reach that market segment in an economical way congruent with the company"s objectives and resources. Psychographics consist of activities, interests and opinions which are mostly attitudes toward various issues and cannot be classified according to standardized definitions.