BUS 343 Chapter Notes - Chapter 6: Blue Ocean Strategy, Customer Relationship Management, Swot Analysis
23 Oct 2012
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Today understanding people needs in more complex due to market fragmentation = the creation of many consumer groups due to a diversity of distinct needs and wants in a modern society. So, marketers use target marketing strategy = dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments. You should decide what market are you in (film, phone,) and geographical scope. Criteria for identifying market segments: members are similar enough within the group, members are different enough between the groups. (or else it will be mass marketing , segment must be large enough now and in the future. It should be measurable market ( people have purchasing power: reachable segment (you can identify and communicate to them) Segmentation = the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics.
