BUS 343 Chapter Notes - Chapter 6: Cluster Analysis, Chinese Canadians, Geodemography
23 Oct 2012
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Marketing chapter 6: target marketing strategies and customer relationship. Instead of trying to sell something to everyone, marketers select a target marketing strategy. Identify and select market(s: one of the challenges in developing a target marketing strategy is determining what market you are in and what market you should be segmenting. Marketers must also consider the geographic scope of the market. The decision about how to define the markets marketers are competing in is typically done at the executive level of an organization. Segment consumer markets: several segmentation variables can be used to group consumers into actionable segments. Segment by behaviour: behavioural segmentation usually produces more actionable segments, another common approach to behavioural segmentation is product usage segmentation, many marketers abide by a rule of thumb called the 80/20 rule. It makes more sense to focus on the smaller number of people who are heavy users of a product rather than on the larger number who are just casual users.
