MGMA01H3 Chapter Notes - Chapter 8: Psychographic, Value Proposition, Mass Customization
Document Summary
Companies today recognize that they cannot appeal to all buyers in marketplace in the same way. Four major steps in designing a customer-driven marketing strategy. 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 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. Geographic segmentation dividing a market into different geographical units, such as nations, regions, provinces, countries, cities, or even neighbourhoods: companies localize their products to fit the needs of the geographical area. Psychographic segmentation dividing a market into different segments based on social class, lifestyle, or personality characteristics: marketers also use personality variables to segment markets.
