MKC1200 Lecture Notes - Lecture 5: Target Market, Marketing Mix, Perceptual Mapping
30 Aug 2018
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Video 1: what is market segmentation: market, a group of people, who have needs for products and have the ability, willingness, and authority to purchase them, market segment. Internal resources and expertise play a role during target market selection: research and development, technology and expertise. Selected target markets should be those that have needs your organisation can fulfil, whilst enabling the achievement of organisational and marketing objectives. Video 2: targeting strategy: undifferentiated strategy/mass marketing. Less cost effective but more competitive: eg. Cotton-on used to be more female now a range of items for men too: appropriate for heterogeneous market. Segmentation variable = characteristics of individuals, groups or organisations used to divide a market into segments. In practice marketers use a variation of these variables, but one variable can dominate the others: demographic variables - most commonly used by marketers, eg.
