BUS 343 Chapter 7: Ch. 7 Notes

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Ginger Grant

Document Summary

Companies must design customer-driven marketing strategies that build right relationships w/ right customers. Segmentation = diving market into smaller groups of buyers w/ distinct needs, characteristics, behaviours that might req separate marketing strategies/mixes. Targeting = evaluating each market segment"s attractiveness & selecting 1+ segments to enter. Differentiation = company decides on value proposition (full mix of benefits upon which it is positioned) How it will create value for target customers, how it can stand out from its competition. Positioning = arranging for market offering to occupy clear, distinctive, desirable place relative to competing products in minds of consumers. Geographic = divides market into diff geographical units. Many companies today localizing their products, ads, promos. Small businesses typically focus marketing efforts on local region. Demographic = divides market into segments based on variables like age, gender, family size, life cycle, household income, occupation, education, ethnic/cultural group, generation.