MCS 1000 Study Guide - Final Guide: Sough, Market Segmentation, Mass Customization

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Offering the same product to all consumers is not effective, as different consumers have different needs. Unfortunately for most categories, offering a unique product to each customer is not feasible. In the middle of the road we find the concept of segmentation. Simply put, segmenting is dividing the market in smaller groups of consumers with similar characteristics that cause them to have similar product needs. A good knowledge of market segmentation provides firms with an opportunity to narrow down their understanding of (cid:272)o(cid:374)su(cid:373)e(cid:396)s" (cid:374)eeds. I(cid:374) ge(cid:374)e(cid:396)al, the(cid:396)e a(cid:396)e 4 types of (cid:373)ajo(cid:396) (cid:373)a(cid:396)ket seg(cid:373)e(cid:374)tatio(cid:374)s: geographic segmentation, demographic segmentation, psychographic segmentation, behavioural segmentation. Positioning is the process of designing the place that our offering is going to occupy in the mind of the consumers. This place needs to be distinctive from the position that competing brands occupy and it has to be important to our target market.