BUS 343 Chapter Notes -Blue Ocean Strategy, Mass Customization, Geodemography

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Todd Green

Document Summary

Market fragmentation: the creation of different consumer groups due to a diversity of needs and wants in society. Target marketing strategy: dividing the total market into different segments and then selecting one or more segments then developing products for it. Market targeting: evaluate segments, decide which ones to target. Market positioning: decide how you want to be known and differentiated for consumers. Segmentation: process of dividing a larger market into smaller groups based on characteristics. How to identify a viable market segments: Members of segment must be similar to each other. Members of the segment are different from other consumers (segments) Segmentation variables: factors which divide the whole market into groups. 80/20 rule: 20% of purchasers account for 80% of a product"s sales. Long tail: new selling approach where companies make money by selling small amounts of items that only a few people want, but needs a lot of different items.