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Chapter 8

Chapter 8.docx

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Department
Marketing
Course
MARK 201
Professor
All Professors
Semester
Fall

Description
Marketing Management I COMM 223Winter 2013Chapter 8 Creating Value for Target Customers1IntroductionaFour steps to target marketingiMarket segmentation dividing a marker into smaller groups with distinct needs characteristics or behaviours that might require separate marketing strategies or mixesiiMarket targeting the process of evaluating each market segments attractiveness and selecting one or more segments to enteriiiDifferentiation actually differentiating the market offering to create superior customer valueivPositioning arranging for a market offering to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumers2Market SegmentationaSegmenting Consumer MarketsiGeographic segmentation dividing a market into different geographical units such as nations regions provinces cities or neighbourhoodsiiDemographic segmentation Dividing the market into groups based on variables such as age gender family size family life cycle income occupation education religion rage nationality 1Most popular bases for segmenting customer groups because needs wants and usage rates often vary closely with demographic variables demographic variables are also much easier to measure than other variables2Age and lifecycle segmentation dividing a market into different age and lifecycle groupsa6 611 1219 2034 3549 5064 65 bYoung single married etccCareful when using stereotypes active 80 year olds new kids for 40 year oldsiAge is a poor predictor of life cycle and buying power3Gender segmentation Dividing a market into different groups based on gender4Income segmentationiiiPsychographic Segmentation Dividing a market into different groups based on social class lifestyle or personality characteristics some companies will target more energetic couples etc ivBehavioural segmentation Dividing a market into groups based on consumer knowledge attitudes uses or responses to a product
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