MCS 1000 Study Guide - Final Guide: Blue Ocean Strategy, Creative Services, Mobile Advertising

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sylvain Charlebois

Document Summary

Segmentation: divide the overall market into groups of consumers, with consumers within a group sharing similar needs, wants, preferences, & behaviours. Segmentation is the cornerstone of marketing strategy: segmentation: the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics. 3 key segmentation variables are: behaviour, psychographics, demographics. Behavioural segmentation: a technique that divides consumers into segments on the basis of how they act towards, feel about, or use a product. 3 types of behavioural segmentation: benefit segmentation, usage segmentation, usage occasion segmentation. Benefit segmentation: a segmentation approach that groups consumers or customers based on the benefits or value they seek in buying & using products, consumers seek different types of benefits from products. Convince seekers, fun seekers, health oriented, fine-dining experiences seekers, novelty seekers, cost oriented, family oriented, image or status oriented, culture seekers.