Textbook Notes (368,463)
Canada (161,897)
UOIT (554)
Business (277)
BUSI 4220U (13)
Chapter 6

BUSI 4220U Chapter 6: BUSI4220U - Chapter 6

4 Pages
57 Views
Unlock Document

School
Department
Business
Course
BUSI 4220U
Professor
Salma Karray
Semester
Winter

Description
Do market segmentation and target marketing make sense in todays global economy? Most markets are heterogeneous Todays market realities often make segmentation imperative How are market segments best defined? Three important steps o Identify a homogeneous segment that differs from other segments The 4 Ps o Specify criteria that define the segment o Determine segment size and potential Segmentation decisions are best made in one of three ways o Who the customers are o Where they are o How they behave Who they are: segmenting demographically o Age o Sex o Household life cycle o Income o Occupation o Education o Race and ethnic origin o Macrosegmentation divides the market according to the characteristics of the buying organization using such attributes as age of firm, firm size, and industry affiliation o Microsegmentation groups customers by the characteristics of the individuals who influence the purchasing decision Where they are: segmenting geographically o The area included within such a geographically defined region is called a trade area Geodemographic segmentation o In emerging and developed markets alike, many segmentation schemes involve both demographic and geographic factors How they behave: behavioral segmentation o Highly specific behavioral descriptors in defining sharply focused market segments, based not on who the target consumers are or where they live, but based on what they do o Consumer needs Customer needs are often expressed in benefits sought from a particular product or service
More Less

Related notes for BUSI 4220U

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit