COMM 2401 Chapter Notes - Chapter 7: Market Segmentation, Psychographic, Target Market
29 Oct 2018
School
Department
Course
Professor
Document Summary
Segmentation: dividing a market into distinct groups with distinct needs, characteristics, or behaviours that might require separate marketing strategies or mixes. Market segmentation: geographic, demographic (most popular) - age, gender, family size, race, religion, family life cycle, income, occupation, education, psychographic - social class, personality, lifestyle, behavioural - knowledge, attitude, use or responses to a product. Consumer segmentation - best basis for market segmentation is buying behaviour and benefits. Businesses differ from customers because business marketers use additional variables: operating characteristics, purchasing approaches, situational factors, personal characteristics. World markets can be segmented on the basis of economic factors (income levels or overall level of development), political and legal factors and cultural factors. Intermarket (cross-market) segmentation: forming segments of consumers who have similar needs and buying behaviours even though they are located in different countries. Market segments must be: measurable, accessible, substantial, differentiable - must respond differently to different marketing-mix elements and programs, actionable.
