MKT 100 Study Guide - Marketing Mix, Psychographic, Brand Loyalty

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Caitlin Mc Laughlin

Document Summary

As consumers we don"t know what we want. We cater to different tastes, the needs and wants are different. Segmentation identifying meaningfully different groups of customers, a plan of action and select the target groups that have in common relative to the need of the products. Explain why the components of segmentation is meaningful: market segmentation - is the process of identifying and categorizing the overall market into groups of customers with similar needs and wants (market segments). Target market - is the qualified available market segment which the company decides to pursue. Actionable / meaningful- self confidence and disseminating the important information that are meaningful. Bases for segmentation: geographic (region, urban/rural, city size, climate and culture, psychographic, region, city size, climate, culture, demographic, age. Family life cycle: culture, religion, race / ethnicity. Life-styles: usage, rate, awareness status, brand loyalty. 80/20 rule, 20% of your revenue comes from customers: benefits sought, attributes, hedonic, utilitarian.