BUSI 1210 Study Guide - Midterm Guide: Caffeine, Unique Selling Proposition, Competitive Advantage
22 Nov 2016
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Market segmentation: the division of a market into distinct groups with distinct needs, characteristics, or behaviors, who might require separate products or marketing mixes (consumer, behavior, international markets) Targeting: a deliberate choice of which group(s) to appeal to. Positioning: creation of clear, distinctive, and desirable idea in the target consumer"s mind, relative to competition. To define customer needs and wants more precisely. To more accurately define marketing objectives and better allocate resources. Performance can be better evaluated when objectives are more precise. Consumer lifestyle profiling creates rich picture of the consumer. Dividing a market into groups based on customer knowledge, attitude, use, or response to a product. Occasion: birthdays, mothers day, time of day. Benefits: major benefits that consumers look for in a product. User states: non users, first time users, repeat users. Describe and determine for each of the segments you identified for the following: What is the size and purchasing power of this segment.
