BU352 Chapter Notes - Chapter 6: Swot Analysis, Froot Loops, Mass Customization
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Segmentation: step 1: establish overall strategy/objectives, eg(cid:373)e(cid:374)tatio(cid:374) st(cid:396)ateg(cid:455) (cid:373)ust (cid:271)e (cid:272)o(cid:374)siste(cid:374)t (cid:449)ith fi(cid:396)(cid:373)"s o(cid:271)je(cid:272)ti(cid:448)es a(cid:374)d (cid:272)u(cid:396)(cid:396)e(cid:374)t situation (swot, step 2: segmentation bases, descriptions of different target market segments their needs, wants and characteristics, ex. Beverage marketers break up the landscape into caffeinated/decaf, regular/diet, etc: different bases, geographic, based on where people live, climates, regions, areas, countries, ex. Grocery stores catered towards a southeast region where the workers can speak the language and greet customers: demographic, based on who they are, objective characteristics (age, gender, religion, education, family size, home owners, etc. , e(cid:454). Kellogg"s uses age to defi(cid:374)e seg(cid:373)e(cid:374)ts a(cid:374)d ta(cid:396)gets f(cid:396)oot loops for kids and special k for adults: o(cid:373)eti(cid:373)es de(cid:373)og(cid:396)aphi(cid:272)s a(cid:396)e(cid:374)"t useful ex. Business insights: adults 18+ are classified into 1 of 8 segments, upper segment of framework: innovators, Thinkers, achievers, experiencers have more resources and are more innovative than bottom (believers, makers, strivers, survivors) Intersection of psychology, demographics and lifestyles: ex.
