MKT 100 Chapter Notes - Chapter 6: Geodemographic Segmentation, Psychographic, Mass Customization

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Liana Zeng

Document Summary

The segmentation- targeting positioning process (stp: step 1: establish overall strategy or objectives, step 2: segmentation bases. Geographic segmentation: the grouping of consumers on the basis of where they live. Demographic segmentation: the grouping of consumers according to easily measures, objective characteristics such as; age, gender, income, and education. Psychographics: this segmentation base looks at how customers describe themselves using characteristics and underlying reasons for their behaviour and choices. Vals: psychographical tool that classifies consumers into 8 segments: innovators, thinkers, believers, achievers, strivers, experiencers, makers, or survivors. Behavioural segmentation: groups consumers based on the benefits they derive from products, their usage rate, their loyalty, and the occasion. Occasional segmentation: groups customers based on when they purchase or consume a product or service. Benefit segmentation: groups customers based on the benefits they get from the product. Loyalty segmentation: investing in retention of loyal customers. Geodemographic segmentation: the grouping og consumers based on a combination of their geographic, demographic, and lifestyle characteristics.