COMM 223 Study Guide - Midterm Guide: Marketing Mix, Factor Analysis, Value Proposition
19 Oct 2017
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Necessity of segmentation due to changing marketplace. Steps in target marketing (fig 7-1) overview. The key is to select only as many variables as needed to obtain the best view of the market neither too broad nor too narrow (under versus over-segmentation) Measurable - size, purchasing power, profiles of segments can be measured. Substantial - segments must be large or profitable enough to serve. Accessible - segments can be effectively reached and served. Differentiable - segments must respond differently to different marketing mix elements & actions. Actionable - must be able to attract and serve the segments. See table 7. 1 for the variables in each category & examples of typical breakdowns for each. 4 broad categories: geographic, demographic, psychographic & behavioural variable. Students must know the segmentation categories & which variables are in each category for both the consumer and business markets.
