Management and Organizational Studies 1021A/B Chapter 6: MOS 1021 Consumer Behaviour Chapter 6 Summary

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: James O' Brian

Document Summary

An in-depth understanding of the unique needs of each market segment is required to bring the right product to market. Can"t market the same standard product to everyone. Design products/programs to meet specific requirements of segments and meet market expectations. Understanding skill level, determining what drives purchases & gaining insight into lifestyles. Conduct detailed consumer analysis to guide development of new product & ensure marketing programs reach consumers on a personal level. Advertising, promotion, retail merchandising, event marketing & sponsorship programs are uniquely tailored to each target market. Target markets differentiated by gender, age, lifestyle, fashion & product usage/benefit. Marketing mix needs to be relevant & well-coordinated in order to meet consumer needs. Consumers have diverse needs & a single product cannot satisfy everyone. Companies have finite amounts of resources that must be spent efficiently & effectively on those who are most likely to purchase.