Textbook Notes (362,768)
Canada (158,052)
BUS 343 (120)
Jason Ho (70)
Chapter 6

BUS 343 Chapter 6 Flashcards

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Simon Fraser University
Business Administration
BUS 343
Jason Ho

The creation of many consumer groups due to a Market fragmentation diversity of distinct needs and wants in modern society Dividing the total market into different segments on the basis of customer characteristics, selecting one Target marketing strategy or more segments, and developing products to meet the needs of those specific segments Pre-select markets, market segmentation, market Steps in the target marketing process (5) targeting, market positioning, marketing mix Similar enough within the group, different enough Criteria for effective segmentation approaches (5) between the groups, large enough, measureable market, reachable the process of dividing a larger market into smaller Segmentation pieces based on one or more meaningful characteristics dimensions that divide the total market into fairly Segmentation variables homogenous groups, each with different needs and preferences A technique that divides consumers into segments Behavioral segmentation on the basis of how good they act towards, feel about, or use a good or service A segmentation approach that groups of Benefit segmentation consumers based on the benefits or value they seek in buying and using products A segmentation approach that groups consumers Usage segmentation or business customers based on the amount of a product purchased or consumed or how the product is used A marketing rule of thumb that 20 percent of 80/20 rule purchasers typically account for 80 percent of a product’s sales A new approach to segmentation based on the idea that companies can make money by selling small Long tail amounts of items that one a few people want, provided that they sell enough different items Usage occasions Indicator used on one type of market segmentation based on when consumers use a product most A segmentation approach that groups people Psychographic segmentation based on their attitudes, beliefs, values, lifestyles, or other psychological orientations Innovators, thinkers, believes, achievers, strivers, VALS (Values and Lifestyles) [8 types] experiencers, makers, survivors Variables that describe objective characteristics of Demographics a population or group Generation X The group of consumers born between 1965 and 1978 Generation Y The children of baby boomer parents is the second largest demographic segment in Canada The segment of people born between 1946 and Baby boomers 1964 Segmentation technique that combines geography Geodemography with demographics B2B marketers Marketers who work in business-to-business markets Industrial psychographics The application of psychographics to the business-to-business context Evaluate market segments, develop segment (3) phases of targeting profiles, choose a target segment Segment profile A description of the typical customer in a segment Cluster analysis Computer software that groups survey respondents on the commonality of their answers Market potential The maximum demand expected among consumers in a segment f
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