ADM 2320 Chapter Notes - Chapter 7: Swot Analysis, Channel Surfing, Millennials

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The first step in the planning process is to articulate the mission and the objectives of the company"s marketing strategy. The segmentation strategy must be consistent with and derived from the firm"s mission and objectives, as well as its current situation (swot) Step 2: segmentation bases consumers derived from the products. There are 4 bases for segmenting markets. Use a formal approach to segment the market develops descriptions of different segments, their needs, wants, and characteristics, which helps firms better understand the profile of the customers in each segment. Can distinguish customer similarities within a segment and dissimilarities across segments. Soft-drink marketers have broken up the carbonated- beverage landscape into caffeinated or decaffeinated, regular (with sugar) or diet, and cola versus something else. This segmentation method is based on the benefits that. Organizes customers into groups on the basis of where they live. Grouped by country (ie. canada, china), region (atlantic canada,

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