COMM 131 Chapter Notes - Chapter 7: Market Segmentation, Psychographic, Target Market
Document Summary
Segmentation is dividing a market into distinct groups with distinct needs, characteristics, or behaviours that might require separate marketing strategies or mixes. Market targeting is the process of evaluating each market segment"s attractiveness and selecting one or more segments to enter. Differentiation is actually differentiating the market offering to create superior customer value. Positioning is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Four important segmentation topics: segmenting consumer markets, segmenting business markets, segmenting international markets, and requirements for effective segmentation. A marketer has to try different segmentation variables, alone and in combination, to find the best way to view the market structure. Here we look at the major geographic, demographic, psychographic, and behavioural variables: Geographic segmentation is dividing a market into different geographical units, such as global regions, countries, regions within a country, provinces, cities, or even neighbourhoods.
