MGMA01H3 Chapter Notes - Chapter 8: Micromarketing, Unique Selling Proposition, Psychographic
Document Summary
Company must identify parts of market that it can serve best and profitably. Design customer-driven marketing strategies that build right relationships with right customers. Target marketing: identifying and selecting market segment(s) and developing products and programs tailored to each. Shotgun approach is scattering market efforts across segments. To create value for targeted customers must select customers to serve and decide on value proposition. Market segmentation: dividing market into smaller segments of buyers with distinct needs, characteristics or behaviours that may require separate marketing strategies or mixes. Market targeting: process of evaluating each market segment"s attractiveness and selecting one or more segments to enter. Differentiation: differentiating market offering to create superior customer value. Positioning: arranging market offering to occupy clear, distinctive and desirable place relative to competing products in the mind of consumers. Ms and mt are to select costumers to serve. D and p are to decide on value proposition.
