MKT 100 Lecture Notes - Lecture 7: Marketing Mix, Market Segmentation, Personalized Marketing

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

Document Summary

Mass marketing does not work anymore because it uses up too many resources. Personalized marketing has been proven to be more effective because it while yielding less than optimal results. addresses very specific needs and wants, therefore making the chances of its target audience converting a highly possible chance. 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 segmentation. The company is assuming that all consumers are the same (not the reflection of reality) Creating marketing strategies for individual customers is expensive. Across groups are different from each other - the diagram with the blue and white cubes. Each of the segments has distinct needs and behavior= all segments need different marketing mix strategy. Segmentation: dividing the market into distinct groups with distinct needs, characteristics, or behaviours, who might require separate products or marketing mixes.