Management and Organizational Studies 1021A/B Chapter Notes - Chapter 6: Target Market, Psychographic, Marketing Mix

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

Document Summary

A market segmentation means a piece of the market. Market segmentation involves aggregating prospective buyers into groups that have common needs and respond similarly to marketing programs. Product differentiation: involves positioning a product apart from the competition in the eyes of consumers. y forms of market segmentation. Approaches companies can take to segment the market: mass marketing (exists in a limited capacity due to the competitiveness of the market and the need for the marketers to specifically address consumer needs with their offerings) The marketing of a product to the entire market with no differentiation at all: segment marketing (most common form of segmentation followed by large companies) Designing different products and service to meet the needs of different target groups: niche marketing: the type of market segmentation that allows a company to focus its effort on a limited segment in the market. Individualized marketing: involves customizing offers and, in some cases, products that fit individual needs.