BUS 1000 Study Guide - Comprehensive Final Guide: Fixed Cost, Social Entrepreneurship, Net Profit

• School: University of Denver
• Department: Business Core
• Course: BUS 1000
• Professor: Haag Stephen

Document Summary

Its appropriateness to the policies and resources of the company. Businesses also need to consider four types of segmentation strategies. Behavioral- attempt to group potential customers based on specific behavioral patterns such as spending, consumption, and lifestyle. Demographic- attempt to group potential customers based on age, race, religion, gender, family size, ethnicity, income, and education. Psychographic- attempt to group potential customers based on consumer"s personality traits, values, and interests. Undifferentiated targeting is an option that treats all potential customers as one big group. This strategy is good for businesses with very little competition. Concentrated targeting is the process of selecting a specific group of potential customers and working to understand their wants and needs. Ex. coffee app targets people with long hours and students because both share common wants and needs (better job, more money- this is why they work long hours and go to school)