BU352 Study Guide - Final Guide: Brand Loyalty, Brand Equity, Brand Licensing
Document Summary
Grouping of consumers based on where they live. Grouping of consumes according to easily measured, objective characteristics. How consumers describe themselves: self- values (goals for life), self-concept (image they have of themself), lifestyles. Grouping of consumers based on the benefits they derive from products. Age, gender, income, education, occupation, ethnic background, religion, family life cycle. Identifiable - firms must determine who is within their market. Reachable - potential customer has to know if the product exists, what it can do, and how they can buy it. Responsive - customers must react positively to firm"s offering. Substantial and profitable - once the firm has identified is potential target markets, it needs to measure their size and growth potential. Undifferentiated segmentation strategy (mass marketing) used when the product offers the same benefits to everyone. Differentiated segmentation strategy- several market segments with a different offering for each.
