MGMA01H3 Chapter Notes - Chapter 8: Walmart, Value Proposition, Psychographic
Document Summary
Target marketing: identifying market segments, selecting one or more and developing products and marketing programs tailored to each. Target market: a set of buyers sharing common needs or characteristics that the company decides to serve. Market segmentation: refers to the process of dividing the total heterogeneous market for a product or service into several segments, each of which tends to be homogeneous in some significant aspects. In most markets, a firm cannot appeal to all customers in the same way. And most firms cannot serve all potential customers profitably. Market targeting: the process of evaluating each market segment"s attractiveness and selecting one or more segments to enter. Differentiation: involves actually differentiating the firm"s market offering to create superior customer value. Positioning consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Above are the four major steps in designing a customer-driven marketing strategy.
