Management and Organizational Studies 2320A/B Chapter 6: Segmentation, Targetting, Positioning

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Emily Chen- Bendle

Document Summary

3rd part of the marketing plan is to identify and evaluate opportunities by performing stp (segmentation, targeting and positioning) Market segmentation: process of dividing the market into groups of customers who have different needs, wants or characteristics and who therefore might appreciate products/services geared especially for them. Articulate the mission and objectives of the marketing strategy. Segmentation strategy must then be consistent w/ and derived from the mission and objectives and the swot analysis. Use a formal approach to segment the market. Description of the different segments, their needs, wants and characteristics, which better understands the customers within each segment. Geographic segmentation: group consumers based on where they live. Divide market into separate geographic units, develop appropriate marketing programs. Can be grouped by country, region, area within a region, climate, topography. Zoom in on location, culture, political/legal and economy. Better marketers make adjustments to meet the needs of small geographic groups.