Study Guides (248,645)
Canada (121,656)
York University (10,209)
ADMS 2200 (99)

Chapter 7, 8, 9 Midterms notes

3 Pages

Administrative Studies
Course Code
ADMS 2200
Louise Ripley

This preview shows page 1. Sign up to view the full 3 pages of the document.
Chapter 7 Customer driven marketing strategy (segmentation) 1. Segmentation – divide the total market into smaller segments 2. Targeting – select the segment or segments to enter 3. Differentiation – differentiate the market offering by offering superior quality 4. Positioning – position market offering in the mind of the target consumer Major Segments 1. Geographic – different geographical units, countries regions. Ie North America, Western Europe 2. Demographic – size, age, gender, race/ethnic/cultural, occupation, Household income, education, life cycle 3. Psychographic – divides based on social class, lifestyle and personality 4. Behavioral – divides based on knowledge, attitudes, use, response to product  Occasion – according to occasion when buyer gets the idea to buy product ie Coke as a breakfast drink  Benefits sought – different benefits consumers seek from the product Market Targeting Strategies 1. Undifferentiated (mass marketing) – market coverage that ignores segments and targets whole market  Strong doubts 2. Differentiated (segmented marketing) – firm targets several segments giving separate offers for each (Toyota, Lexus)  Increases costs, large business 3. Concentrated (niche) – firm goes after large share of one/few segment  Low cost, efficient, narrow, small business 4. Micromarketing (local or individual) – tailoring products to wants and needs of individuals marketing and local marketing Chapter 8 Three levels of product Each level adds value to product 1. Core customer value – what the customer is buying, problem solving benefits 2. Actual product – designing the actual product ie design, features 3. Augmented product – factors that add value beyond product itself – ie warranty Types of products 1. Consumer – personal consumption  Convenience product – frequent buy, little comparison CHOCLATE BAR  Shopping – selective buying, comparison of quality, price TV  Specialty – unique products, brand ID, special purchase, only time consuming LAMBORGHINI  Unsought – Consumer not aware it existed, or doesn’t think about it INSURENCE 2. Industrial – further processing or reselling Major stages of new product development 1. Idea generation - ideas 2. Idea screening – getting rid of
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.