MARK 201 Chapter Notes - Chapter 7: Social Class, Market Segmentation, Mass Marketing
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Divide the total market into smaller groups. Evaluate the segments and select which to enter. Differentiate your offering from that of competitors with things like superior customer service. Arra(cid:374)ge (cid:455)our offeri(cid:374)g i(cid:374) a (cid:449)a(cid:455) that it sta(cid:374)ds out i(cid:374) (cid:272)usto(cid:373)er"s (cid:373)i(cid:374)ds. Starts really wide and is then narrowed down. Mcds has different types of menus depending on where their restaurant is. Might have to change offering if you want to segment to different regions if (cid:455)ou (cid:272)a(cid:374)"t (cid:272)ha(cid:374)ge (cid:455)our offeri(cid:374)g, the(cid:374) fo(cid:272)us o(cid:374) just a spe(cid:272)ifi(cid:272) regio(cid:374). People within same age groups or demographics can have different psychographics. Different kinds of running shoes; running indoors vs. outdoors. 80/(cid:1006)0 rule 80% of their sales are (cid:272)o(cid:373)i(cid:374)g fro(cid:373) (cid:1006)0% of their users. Age (cid:1007)5-44 (29%) and 25-34 (20%) More narrow and more targeted our base, the easier it is to create value. Needs to be large enough to get enough people/users but small enough to actually create value.
