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MGMA01H3 (184)
Chapter 8

Chapter 8 - MGTB04! Good notes!

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Department
Management (MGM)
Course
MGMA01H3
Professor
Tarun Dewan
Semester
Winter

Description
Chapter 8Customer driven marketing strategy creating value to target customersBuilding the right relationship with the right customersSelecting one or more of them to tailor each of their needssegmentationFirm focus on buyers with great interestMarket segmentationthe process of evaluating each market segments attractiveness and selecting one or more segment to enter Market targeting Targetingthe process of evaluating each market segments attractiveness and selecting one or more segment to enterDifferentiationactually differentiating the market offering to create superior customer valuePositioningarranging for a market offering to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumersMarket segmentation Small segments that can be reach more efficiently and effectively with products and service that match their unique needs Geographic segmentationdividing a market into different geographical units such as nations regions provinces counties cities or neighborhood Companies are localizing their promotionadvertisement productSome are seeking to cultivate untapped geographic territory Most popular segmentation and usually the consumer needs wants and usage rate vary with demographic variablesEasier to measureAge and life cycle segmentationdividing a market into different age and life cycle group Marketers are now more careful to guard against stereotype when using age lifecycle segmentation Gender segmentation dividing a market into different group based on gender Advertise tailored to female image clothes etc Income segmentationdividing a market into different income groups Which target low middle high class students with different income levelPsychological segmentation dividing the market into different group based on social class lifestyle or personality trait Marketers also uses personality trait to convey their message Lust for life High spiritBehavioural segmentationdividing the market into group based on consumer knowledge attitudes uses or response to a product Occasionaccording to occasions when they get the idea to buy actually make their purchase or use the purchase item Occasion segmentation can help firms build up product usage Occasion segmentationdividing the market into groups according to occasions when buyer get the idea to buy actually make their purchase or use the purchased item Orange juice in the morning candyflowers on valentine day Benefit segmentationdividing the market into groups according to the different benefits that consumer seek from consumer how it benefit consumerathletes
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