MKT 100 Study Guide - Final Guide: Gross Domestic Product, Cold Calling, Real Income

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Daryl D' Souza

Document Summary

Segmentation - identify and profile distinct groups of buyers who differ in their needs and preferences. Targeting - select one or market segments to enter. Positioning - establish and communicate the distinctive benefits of the market offering. Customer purchases of high margin products and services, quantity of purchases made per year, low selling costs to the customer (delivery costs/after-sales support), new profitable business - satisfied customers and referrals. Age, sex, marital status, income, education, occupation, family life cycle, culture, region, race/ethnicity, social class. Rate, awareness status, brand loyalty, situation, time, objective, location, person. Market - refers to group of buyers (think overall market, not target market!) Segment - refers to the subgroup of buyers within the market that have a common need. Female baby boomers who are empty nesters, retired, and enjoy reading. The role of the marketer is not to create the segment but to identify the segment and determine which to target.