MKT 100 Study Guide - Marketing Mix, Psychographic, Brand Loyalty

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25 Apr 2012
Department
Course
Week 7 Segmentation Part 1 Slide Summary
Feedback on the Video:
- As consumers we don’t know what we want
- Diversity is good
- We cater to different tastes, the needs and wants are different
Bases for Marketing Strategy
Segmentation Identifying meaningfully different groups of customers, a plan of action and
select the target groups that have in common relative to the need of the products
Targeting selecting which segment(s) to serve
Positioning implementing chosen image and appeal to chosen segment (choosing who to
target) include a marketing mix plan for positioning
Market Segment - is a group of customers who share a similar SET OF NEEDS AND Wants within
an overall market. Explain why the components of segmentation is meaningful
Market Segmentation - is the process of identifying and categorizing the overall market into
groups of customers with similar needs and wants (Market Segments).
Target Market - is the qualified available market segment which the company decides to pursue
Effective Bases of Segmentation
Measurable / distinguishable
Accessible / Reachable
Substantial/sizeable
Actionable / Meaningful- self confidence and disseminating the important information that are
meaningful
Profitable
Segments Are…
Heterogeneous __________________________
Homogeneous within
Bases for Segmentation
Geographic (region, urban/rural, city size, climate and culture)
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