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Marketing Chapter 7.docx

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University of Ottawa

Marketing Chapter 7 Segmentation Targeting and PositioningThe segmentationTargetingPositioning ProcessStep 1 Establish Overall Strategy or ObjectivesThe segmentation strategy must be consistent with and derived from the firms mission and objectives as well as its current situationits strengths weaknesses opportunities and threats SWOTStep 2 Segmentation BasesUse a formal approach to segment the market Develops descriptions of the different segments their needs wants and characteristics which helps firms better understand the profile of the customers in each segment With this information they can distinguish the customer similarities within a segment and dissimilarities across segments Geographic Segmentation the grouping of consumers on the basis of where they live Geographic segmentation is most useful for companies whose products satisfy needs that vary by region continent country region province city urban suburban rural climateDemographic Segmentation the grouping of consumers according to easily measured objective characteristics such as age gender income and education These variables represent the most common means to define segments because they are easy to identify Demographics may not be useful for defining the target segments for other companies Psychographic Segmentation psychographics is the one that delves into how consumers describe themselves allows people to describe themselves by using those characteristics that help them choose how they occupy their time behaviour and what underlying psychological reasons determine choices SelfValues goals for life not just the goals one wants to accomplish in a day a component of psychographics that refers to overriding desires that drive how a person lives his or her life Selfconcept the image a person has of himself or herself a component of psychographics Lifestyles refers to the way a person lives his or her life to achieve goals a component of psychographics
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