ADMS 2200 Study Guide - Midterm Guide: Micromarketing, Test Market, Marketing Strategy

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ADMS 2200 Full Course Notes
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Major segments: geographic different geographical units, countries regions. Ie north america, western europe: demographic size, age, gender, race/ethnic/cultural, occupation, Household income, education, life cycle: psychographic divides based on social class, lifestyle and personality, 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: undifferentiated (mass marketing) market coverage that ignores segments and targets whole market. Strong doubts: differentiated (segmented marketing) firm targets several segments giving separate offers for each (toyota, lexus) Increases costs, large business: concentrated (niche) firm goes after large share of one/few segment. Low cost, efficient, narrow, small business: micromarketing (local or individual) tailoring products to wants and needs of individuals marketing and local marketing. Types of products: consumer personal consumption. Convenience product frequent buy, little comparison choclate. Shopping selective buying, comparison of quality, price tv.

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