MKT 100 Study Guide - Final Guide: Marketing, Brand Equity, Price Ceiling

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Martin Pyle

Document Summary

Segmentation- identify and profile distinct groups of buyers who differ in their needs and preferences. Targeting- select one or more market segments to enter. Positioning- establish and communicate the distinctive benefits of the market offering by getting customers to form a mental picture. Market: refers to a group of buyers for a product. Market segment: a group of consumers who share similar needs and wants within the larger marketplace. Market segmentation: the process of identifying and categorizing groups of consumers who comprise a segment. Target segment: a qualified* market segment that a company pursues through its marketing mix. Durability, support, cost, fashion, comfort, colour, status, trusted. Beyond needs- geographic(region,city) demographic(age, gender, religion) psychographic (life-style, interests, social class, self-values) behavioural (benefit, brand loyalty, user status/rate, buy attittudes) Step 1: estimate size of target market in annual units/dollars sold. Step 2: determine how much revenue or # of units are required to break-even/romi. Step 3: assess likelihood of attaining the required sales.