MKTG 2201 Chapter Notes - Chapter 7: Marketing Mix, Customer Relationship Management, Geodemography
22 Mar 2016
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Target marketing strategy: select and enter a market. Market fragmentation people"s diverse interests and backgrounds divide them into numerous groups with distinct needs and wants: must balance the efficiency of mass marketing with the effectiveness of giving everyone what they want. Target marketing strategy divide the total market into different segments based on customer characteristics: three steps segmentation, targeting, positioning (cid:1) Segmentation is the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics. Segmentation variables dimensions that divide the total market into fairly homogeneous groups each with different needs and preferences. (cid:1) Segmented by: age, gender, income, family life cycle, ethnicity, place of residence. Geodemography a segmentation technique that combines geography with demographics. Geocoding customizing web adverts so that people in different places will see ad banners for local businesses: pyschographics. Slice consumers segments by how they act toward, feel about, or a product.
