Management and Organizational Studies 2320A/B Chapter Notes - Chapter 6: Marketing Mix, Mass Customization, Micromarketing

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Step 5) identify and develop positioning strategy (positioning) Step 1: establish overall strategy or objectives articulate the mission and objectives segmentation strategy must be consistent with and derived from the firms mission and objectives, as well as its current situation swot. Marketers use various segmentation bases such as; geo, demographic, psychographic, behavioural. Geographic segmentation the grouping of consumers on the basis of where they live is most useful for companies whose products satisfy needs that vary by region. Marketers may find it more advantageous to combine demographic segmentation with other segmentation bases. Firms think psychographics are a compliment to demographics. Psychographics are not as objective as demographics and its harder to identify potential consumers. Geodemographic segmentation can be useful for retailers because customers typically patronize stores close to the neighbourhood: can use it to tailor each stores assortment to the preferences of the local community.