MGMA01H3 Chapter Notes - Chapter 8: Target Market, Marketing Mix, Mass Customization
Document Summary
Mgma01 chapter 8: customer-driven marketing strategy: creating value for target. Market segmentation dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviours that may require separate marketing strategies or mixes. Market targeting (targeting) the process of evaluating each market segment"s attractiveness and selecting one or more segments to enter. Differentiation differentiating the market offering to create superior customer value. Positioning arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers: marketing segmentation: Demographic segmentation dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. Demographic factors are the most popular bases for segmenting customer groups: consumer needs, wants, and usage rates often vary closely with demographic. Emerging consumers, new earners, moms, the established, and silver.
