BUSI 2208 Chapter Notes - Chapter 7: Micromarketing, Liquid Oxygen, Swot Analysis
9 Sep 2015
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Lo5 explain what positioning is and describe how firms do it. Lo1 describe the stp (segmentation-targeting-positioning) process (chapter roadmap 214) Step1 establish overall strategy or objectives: articulate the mission and the objectives, swot analysis. Lo2 describe the bases marketers use to segment a market. Step2 segmentation bases use formal approach to segment the market. Self-values goals for life, not just the goals one wants to accomplish in a day. Self-concept the image a person has of himself or herself; a component of psychographics. Lifestyles refers to the way a person lives his or her life to achieve goals, component of psychographics. Benefit segmentation groups consumers based on the benefits they derive from products or services. Loyalty segmentation strategy of investing in retention and loyalty initiatives to retain the firm"s most profitable customers: using multiple segmentation methods. Geodemographic segmentationthe grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics.
