MKT 100 Lecture Notes - Lecture 6: Target Market, Marketing Mix, Customer Service

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

Document Summary

Market & segment differ: market refers to a group of buyers, market segment refers to the subgroup of buyers within the market that have a common need. Identified not created: the role of the marketer is not to create the segment but to identify the segment and determine to target. Starts with a common need: in identifying market segment, being with understanding common need and then layer in geographic, demographic, psychographic and behavioral characteristics. Does each segment require a unique marketing mix: reachable. Understand what it can do recognize how to buy it if they no one knows or understands these things then we cannot connect with the consumers: responsive customer"s must. Accept the firm"s value proposition: substantial and profitable. Too small and segment is insignificant, not profitable. Starts with common needs then layers in other segmentation variables. Geographic region, city or metro side density, climate, province country. Demographic age, gender, family size, life-stage, education income, occupation, nationality, ethnicity etc.