BUS 343 Chapter 3: bus343 ch3

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Don'tremember

Document Summary

Market fragmentation: - creation of many consumer groups to due a diversity of distinct needs and wants in modern society, thus the same product/service will not appeal to everyone. Eg: athlete market segmented into shoes designed for jogging, soccer, baseball, etc compared to before it was athlete vs. non athlete. Target marketing strategy- dividing the total market into different segments based on consumer characteristics, selecting one or more segments and developing products to meet the needs of those specific segments. Is the process of dividing a larger market into smaller pieces, based on one or more meaningful, shared characteristics, where people have homogenous needs and wants. Steps in the target marketing process: select target markets, market segmentation, market targeting, market positioning, create and execute marketing mix programs, selecting and segmenting a market. Bases for dividing the total market into fairly homogenous groups, each with different needs and preferences. Ex) geographic, demographic, psychological, and behavioral differences.