Business Administration 3301K Chapter Notes - Chapter 7: Mass Customization, Micromarketing, Ideal Point

• School: Western University
• Department: Business Administration
• Course: Business Administration 3301K
• Professor: John White

Document Summary

Step 1: establish overall strategy: develop mission, and segmentation strategy, must be aligned with companys current situation and swot. Step 2: segmentation bases: marketers must now specifically divide each segment, and have info on each segment, geographic segmentation. Segmenting by where people live: demographic. Segmenting by easily measured characteristics such as age, income, gender, education levels. Demographic segment represented the most common way to segment cuz its so easily defined. Demographics consumers are easy to reach, must make sure to reach them correctly and not stereotype. Men watch action primetime tv, so show gillette razors at that time: psychographic. Segments consumers based on how they describe themselves, how they use their time, specific characteristics that define behaviour. Consumers want to be a certain way, fit in with groups, looks like this, and this has an impact on what they buy. They have self values which are life goals, extremely long term, and dictates how they live their life.