COMM 131 Chapter Notes - Chapter 7: Value Proposition, Micromarketing, Competitive Advantage
23 Jan 2018
School
Department
Course
Professor
Document Summary
Steps in designing a consumer driven marketing strategy: Segmenting international markets: can use geographic segmentation, but this assumes that locations close to one another will have many common traits, sometimes, but not always the case. 2018-01-22: can also be segmented by economic factors (income levels, overall level of economic development, etc. , political and legal factors such as the type and stability of the government, and cultural factors can also be used to segment. Intermarket (cross-market) segmentation: groups together segments of consumer who have similar needs and buying behaviours even though they are located in different countries. Requirements for effective segmentation: measurable, accessible, substantial, differentiable, actionable. Evaluating market segments: segment size and growth, segment structural attractiveness, can use porter"s five forces to do this; competitors, new entrants, substitute products, power of buyers, and power of suppliers, company objectives and resources. Target market: a set of buyers sharing common needs or characteristics that the company decides to serve.
