COMM 131 Lecture Notes - Lecture 3: Selective Exposure Theory, Consumer Behaviour, Psychographic

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Ethan Pancer

Document Summary

The largest, fastest growing segment may not be the best for all organizations. Structural factors that affect segment attractiveness are substitute products, aggressiveness of competitors, relative power of buyers, power of suppliers, and an organization"s long-term objectives. Target market: set of buyers sharing common needs or characteristics that the company decides to serve. Undifferentiated (mass) marketing: market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. Differentiated (segmented) marketing: market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each. Concentrated (niche) marketing: a firm goes after a large share of one or a few segments or niches, instead of a small share of a large segment. Micromarketing: the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.