MKTG 301 Study Guide - Midterm Guide: Micromarketing, Psychographic, Evernote
Document Summary
Segmentation is the process of dividing the market into smaller, more focused categories. Consumer: geographic (location), demographic (age, life cycle stage, gender, etc. Psychographic (social class, life style, personality), behavioral (occasions, benefits, usage rate, loyalty). Business: geographic, demographic, benefits sought, user status, usage rate, loyalty status, operating characteristics, purchasing approaches, situational factors, personal characteristics. Undifferentiated- targeting the entire market with one offer rather than focusing on what is different about each marketing segment. Differentiated- a firm decides to target several market segments and design a separate product for each segment. Concentrated- also known as niche marketing, it is when a firm goes after a large share of one or a few smaller segments, or niches. Product class: category, making your category superior to other categories. Competition: making yourself seem better than your competitor. Important: target audience has to care about it. Communicable: be able to explain why it is valuable. Affordable: target audience has to be able to afford it.
