[BSM 200] - Final Exam Guide - Ultimate 26 pages long Study Guide!

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 200
• Professor: Mary Foster

Document Summary

Segmenting: identifying meaningfully different groups of customers. Identifying segments that already exist; not creating new segments. Members of segment must be: identifiable and measurable, accessible or reachable, substantial or sizeable, actionable or meaningful, profitable. Process of segmentation begins with identifying the most important benefits, needs, or attributes in a particular product category. Benefits are then categorized into broader categories that fit together. Categories are then classified according to best fit. Targeting: target market is identified once the marketer has a clear idea of the features of the consumer who is most likely to want its benefits. Positioning: starts with the product in service and focuses on the image of the product in the mind of the consumer. Image can be based on customer service, distribution channel, features of the product, image or character of product, and/or cost. Geographic: segmenting in terms of country, region, urban/rural, climate, or culture.