BU362 Study Guide - Final Guide: Dewan, Oste, Brand Equity
Document Summary
Build awareness: early adopters and dealers. informative new product. Build awareness and interest in the mass market. Reduce to take adv. of heavy consumer demand. Reduce to level needed to retain hard-core loyalty. Segmentation - the process of dividing the market into groups of customers with different needs, wants or characteristics. Targeting - evaluates each segment"s attractiveness and decides which to pursue. Positioning - determine how it wants to be positioned within those segments so that target customers have a clear, distinctive, desirable understanding of the product in comparison with competing products. Market penetration: employs existing marketing mix and focuses efforts on existing customers. Product development offers new product to firm"s current target market. Market development employs existing marketing mix to new market segments. Diversification introduces new product to a market segment that is currently not served (riskiest) Social & cultural (green, privacy, time poor, ethnicity, culture must understand their culture/values/spending behaviour to target)
