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MCS 2600 (65)
Chapter 3

Chapter 3 Consumer Behavior.docx

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Marketing and Consumer Studies
MCS 2600
Lianne Foti

Chapter 3 Notes Consumer Behavior Why is Market Segmentation Necessary to understand why market segmentation is essential if consumers were all the same and had the same needs and wants then undifferentiated mass marketing would be appropriatesegmentation targeting and positioning enables producers to avoid headon competition by differentiating what they offerservices also segment their markets to get to being different in their marketmarketers use segmentation research to identify the most appropriate media in which to place advertisementsCriteria for Effective Targeting to understand the criteria for targeting selected segments effectivelynot every segment that can be identified is viable or profitablethe challenge marketers face is to select one or more segments to target with an appropriate marketing mixto be an effective target a market segment should be 1 Identifiable to divide the market into separate segments on the basis of common of shared needs or characteristics that are relevant to the product or service a marketer must be able to identify these characteristicsvariable to segment could be demographics some can be determined through questioning 2 Sizeablea segment must consist of enough consumers to make targeting profitable 3 Stablesegments need to be relatively stable in terms of lifestyle and consumption patterns 4 Accessiblemarketers must be able to reach a market segment in an economical way 5 Congruent With the Companys Objective and Resources not every company is interested or has the means to reach every market segmentBases for Segmentation To understand the bases for segmenting consumers a segmentationstrategy begins by selecting the bases representing the core attributes of a group of customers figure 33 page 58a single characteristic is never used alone in an segmentation plan
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