MKT 100 Lecture Notes - Lecture 8: Urban Climate, Target Market, Psychographic

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Hamed Mehrabi

Document Summary

Developing different marketing programs for each individual customer is extremely expensive. Segmentation allows a marketer to target consumers that behave similarly. Marketers can then position their products to fit their target market segment. Dividing markets into distinct groups with distinct needs, characteristics, or behaviours, who might require separate products or marketing mixes. Creating a clear, distinctive, and desirable position in the target consumer"s mind, relative to competition. Geographic country, province, city, urban climate etc. Demographic age, gender, income, education, etc. (most common method) Psychographic lifestyles, values and self concept (how consumers describe themselves) Behavioural benefits derived, usage rates, user status, loyalty and occasion. Segment profitability = segment size x segment adoption % x purchase behaviour x. Four targeting strategies to choose from based on attractiveness of the opportunity and firms core competencies. Undifferentiated (all the same) firms decide to ignore market segment differences and goes after the whole market with one offer.