BSM 200 Study Guide - Final Guide: Target Market, Caffeine, Product Differentiation

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

Document Summary

Meaningful segmentation: identifying segments that already exist; do not create segments, just need to uncover them e. g. we id people who have hazel eyes, we do not make people have hazel eyes. Segment must be accessible or reachable by marketers. Size of segment must be substantial enough to make it a profitable group to target; sizeable. Segment must be meaningful or actionable i. e. some groups have such specific/unusual needs that it"s not practical to create a product for them: a segment that is not profitable is not a viable segment. Process for segmentation is to begin with the most important benefits, needs, or attributes in a particular product category. Segmentation process starts with identifying benefits: benefits are then clustered into broader categories that seem to fit together. Then id the features of those categories for whom that benefit is important.