MKT 100 Lecture Notes - Lecture 12: Target Market, Marketing Mix, Psychographic

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Julie Kellershohn

Document Summary

Segmentation identify and profile distinct groups of buyers who differ in their needs and preferences. Targeting select one or more market segments to enter. Positioning establish and communicate the distinctive benefits of the market offering by getting customers to form a mental picture. Market refers to a group of buyers; book readers. Market segment refers to the subgroup of buyers within the market that have a common need; female baby boomers and enjoy reading romance novels. Start by understanding and grouping needs and wants. The role of the marketer is not to create the segment, but to identify the segment and determine which to target. Starts with a common need in identifying market segments, begin with understanding common need and then layer in geographic, demographic, psychographic and behavioural characteristics. Too small and segment is insignificant, not profitable. Geography region, city or metro side density, climate, province,