ADM 2320 Study Guide - Ideal Point, Micromarketing, Junk Food

• School: University of Ottawa
• Department: Administration
• Course: ADM 2320
• Professor: All

Document Summary

The segmentation strategy must be consistent with and derived from the firm"s mission and objectives, as well as its current situation its strengths, weaknesses, opportunities, and threats (swot). Use a formal approach to segment the market. Develops descriptions of the different segments, their needs, wants, and characteristics, which helps firms better understand the profile of the customers in each segment. With this information, they can distinguish the customer similarities within a segment and dissimilarities across segments. Geographic segmentation: the grouping of consumers on the basis of where they live. Geographic segmentation is most useful for companies whose products satisfy needs that vary by region. (continent, country, region, province, city, urban, suburban, rural, climate) Demographic segmentation: the grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education. These variables represent the most common means to define segments because they are easy to identify.