[BUSI 2210] - Midterm Exam Guide - Everything you need to know! (21 pages long)

• School: Memorial University
• Department: Business Administration
• Course: BUSI 2210
• Professor: Gerona Mc Grath

Document Summary

Narrow the market from (cid:498)everybody(cid:499) to (cid:498)possible customers(cid:499) Screen out groups of people who would not use this product no matter how good it is. Divide people into segments based on the benefits they value most in the product category. Why do they buy? (primary and secondary benefits) Level of involvement (how relevant something is to you) Targeting: the process of evaluating each segment"s attractiveness (cid:523)in the context of the brand"s relative strengths(cid:524) and then selecting one or more segments to enter. First, decide how attractive each segment is, based on the segment"s: Then consider the brand"s likelihood of success in each segment, based on the organization"s. A single marketing program is used to reach the entire market (mass marketing) One marketing program is directed to a single targeted segment. Use separate and distinct marketing programs (product, price, distribution, communications) for each targeted segment. Focus products and marketing programs on specific targeted individuals and/or local customer groups.