MKT 100 Lecture Notes - Lecture 8: Micromarketing, Marketing Week, Psychographic

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: All

Document Summary

Need to know customer value but don"t need to know how to calculate complexly. Sometimes organizations offend when using gender segmentation as its often based on stereotypes. Break even tells us how many units we need to sell to cover costs. Understanding and grouping different needs and wants in overall market. Geographic- region, city, or metro side density, climate, province, country. Demographic- age, cohort generation, gender, family size, life-stage, education, income, occupation, nationality, ethnicity, tribal identity, family idefntity, religion, political views, social class. Psychographic- life-style, passions, interests, hobbies, personality, sociability, social class, values. Behavioural- product usage rate, brand loyalty, product benefits sought, usage occasion characteristics, user status, buyers readiness to purchase, buy attitudes. In terms of doing the act of segmentation this is the most difficult. We want to observe behaviours and infer attitudes. We want to determine who in our customer base spends the most of money with us so we can better cater to them!