MKT 100 : MKT 100 Notes-2.docx

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Asif Salam

Document Summary

Part a: questions 1 30 worth 1 mark each, 30 marks. Part b: questions 31 45 worth 2 marks each, 30 marks. Articulate mission and objectives of company"s marketing strategy clearly. Develop descriptions of different segments, their needs, wants & characteristics. Geographic segmentation grouping of consumer on where they live. Demographic segmentation groups consumers according to easily measured, objective characteristics such as age, gender, income, education, race, etc. Psychographic segmentation how consumers describe themselves, allows people to describe themselves by using those characteristics that help choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices: self-values, self-concept, lifestyles, vals. Behavioural segmentation groups consumers based on benefits derived from products or services, their usage rate, their user status, and loyalty. Benefit segmentation groups consumers based on benefits derive from products or services. Loyalty segmentation strategy of investing in retention and loyalty initiatives to retain firm"s most profitable customers.