Consumer-Driven Marketing Strategy

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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Angela White

ConsumerDriven Marketing Strategy 292012 95000 AM Market Segmentation y Involves dividing the market into smaller groups with distinct needs characteristics or behaviours that might require separate marketing strategies or mixes y Market targetingthe process of evaluating each market segments attractiveness and selecting one or more segments to enter y Differentiationactually differentiating the market offering to create superior customer value y Positioningarranging for a market offering to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumersSegmenting Consumer Markets y Geographic segmentationdivides the market into different geological units such as nations regions provinces countries cities or neighbourhoods y Demographic segmentationdivides the market into groups based on variables such as age gender family size family life cycle income occupation education religion race generation and nationality y Age and life cycle stage segmentationthe process of offering different products or using different marketing approaches for different age and life cycle groups y Gender segmentationdivides the market groups based on gender y Income segmentationdivides the market into different income groups y Psychographic segmentationdivides buyers into different groups based on social class lifestyle or personality traits y Behavioural segmentationdivides buyers into groups based on consumer knowledge attitudes uses or responses to a product o Occasionsdivides the market according to occasions when buyers get the idea to buy actually make their purchase or use the purchased item o Benefits soughtdivides the market according to the different benefits that consumers seek from the product
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