MKT 300 Chapter Notes - Chapter 8: Psychographic
Document Summary
Breakdown: segmentation: identifying and understanding characteristics of potential customers, target marketing: selecting customers to serve and focusing resources to serve them, positioning: establishing how customers will view your organization relative to competitors, gaining a positive image. Product differentiation: a marketing strategy with which companies attempt to make their products appear unique relative to the competition. Segmentation variables: homogeneous group: buyers with similar characteristics, heterogeneous group: buyers with diverse characteristics, segmentation variable: any distinguished market factor that can vary, such as gender, age, or income. Geographic segmentation: zip code segmentation: division of a market into specific geographic locations based on the demographic makeup of the zip code area. Demographic segmentation: division of the market according to such characteristics as gender, family life cycle, household type, and income. Psychographics: marketing approaches and tools used to identify lifestyles based on measures of consumer values, activities, interests, opinions demographics, and other factors.