MKT 100 Study Guide - Marketing Mix, Psychographic, Brand Loyalty
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25 Apr 2012
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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)