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Canada (162,172)
Marketing (884)
MKT 100 (488)
Asif Salam (24)
Chapter 7

CHAPTER 7.pdf

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Department
Marketing
Course
MKT 100
Professor
Asif Salam
Semester
Fall

Description
CHAPTER 7: SEGMENTING, TARGETING, POSITIONING The S-T-P Process STRATEGY OBJECTIVES  SEGMENTATION BASIS  EVALUATE SEGMNT ATTRACTIVENESS  SELECT TARGET MKT  POSITION STRATEGY Marketing Strategy Planning Process Customers Segment & Targeting Product Company  SWOT 4 P’s Competitors Positioning & Differentiation Price STEP 1: ESTABLISH OVERALL STRATEGY/OBJECTIVES Segment strategy must be consistent w/ and derived from the firm’s mission/objectives SWOT STEP 2: SEGMENTATION BASIS GEOGRAPHIC Segmentation DEMOGRAPHIC Segmentation organizes customers into groups on basis of where they live grouping of consumers according to easily measured objective - grocery stores characteristics Segment: - car makers  income levels - Continent (N.A, Africa, Euro, Asia) - kelloggs age - Country, region (West Coast, Prairies) - pizza hut tv ad best time to show ads to kids - Province, city, urban, suburban, rural, climate Segment: Age, gender, income, education, race, marital status, fam life cycle, ethnic, background -general cohort (baby boomers etc), home ownership PSYCHOGRAPHIC Segmentation BEHAVIOURAL Segmentation *harder to identify pot. consumers based on benefits they derive from prod/serve their usage rate, how consumers describe themselves, characteristics that help user status, loyalty them choose how they occupy their time (behavior) ,what benefit segmentation underlying psychological reasons determine those choices loyalty segmentation Segment: self values – goals for life, overriding desires that drive how-oneBenefits sought (convenience, economy, prestige, quality, lives their life speed, service) self concept – image of self - Usage(heavy, moderate, light, non-user, ex-user, pot. User, lifestyles – way a person lives to achieve goals first-time user) VALS – tool classifying consumers into segments - loyalty Segment: - lifestyle (innovators, makers, thinkers, achievers, strivers, survivors) – VALS - personality (liberal, conservative, outgoing, health, fitness conscious) – self concept - social class Multiple Segmentation Methods GEODEMOGRAPHIC SEGMENTATION Geo/demo lifestyle characteristics retailers  PYSTE Cluster profiles All neighborhoods in Canada into 60 lifestyle clusters w/ specific locations (urban lower middle - Urban Bohemia suburban affluent – Asian Heights) STEP 3: EVALUATE SEGMENTATION ATTRACTIVENESS Identifiable Reachable - Determine who is w/in mkt to design product to meet - Persuasive communication and prod. distribution their needs - Know prod exists understand what it can dorecognize - Gap familiesGap KidsBaby GapGap Body how to buy - Old Navy(too expensive)Banana Republic (fashion - La Senza lingerie .com forward) - La Senza Girl/Spirit/Express/International Sustainable/Profitable Responsive - Measure size and growth potential - Customers act similarly positively to firm’s offering - If mkt too small/buying power is insignificant no profit
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