MOS 1021 Consumer Behaviour Chapter 6 Summary

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Management and Organizational Studies
Management and Organizational Studies 1021A/B
James O' Brian

MOS 1021 Consumer Behaviour Chapter 6 Atomic Skis Canada Example Knowing the customer is criticalAn indepth understanding of the unique needs of each market segment is required to bring the right product to marketCant market the same standard product to everyoneDesign productsprograms to meet specific requirements of segments and meet market expectationsUnderstanding skill level determining what drives purchasesgaining insight into lifestylesConduct detailed consumer analysis to guide development of new productensure marketing programs reach consumers on a personal levelAdvertising promotion retail merchandising event marketingsponsorship programs are uniquely tailored to each target marketTarget markets differentiated by gender age lifestyle fashionproduct usagebenefitMarketing mix needs to be relevantwellcoordinated in order to meet consumer needsMarket SegmentationConsumers have diverse needsa single product cannot satisfy everyoneCompanies have finite amounts of resources that must be spent efficientlyeffectively on those who are most likely to purchaseMarket segment a piece of the market o Consumer market consists of goodsservicesideas for personal use o Business market products purchased to run a business or build another productMarket segmentation aggregating prospective buyers into groups with common needsresponses to marketing programs o Homogeneous groups with similar consumption behaviour attitudestarget market profilesProduct differentiation positioning products apart from competition o Unique features lowest prices best quality etcForms of Market SegmentationMass marketing product marketed to entire market no differentiation o Exists in limited capacity due to competitiveness of market o Ie utilities gasolinepropaneSegment marketing designing different products to meet needs of different target groups o Most common form of segmentation for large companies o Companies segment market to business market by creating custom products for clientsNiche marketing allows a company to focus efforts on limited segmentIndividualized marketing customizing offersproducts to fit individual needs o Based on internet databases that track consumer purchasespredict interestsFind ideal balance between satisfying a customers individual wantsdoing it profitably
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