ADM 2320 Lecture Notes - Lecture 10: Micromarketing, Tim Hortons, Market Segmentation
10 Oct 2017
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Document Summary
This is a form of classification, that requires the marketing managers to be creative. Marketing the same product to different segments might require different strategies. Step 1 - establish overall strategy or objective. This is derived from mission and current state. Multiple segmentation method can also be used - geodemographic. This would allow marketers to target a very specific market. Continent, country, region, province, city, urban, suburban, rural, climate. Geographic information software (gid) aids in such segmentation. Understanding regional preferences can define a company"s success. Age, gender, income, education, occupation, race, marital status, family size, family life cycle, religion, ethnic background, home ownership. This is the most common method of dividing the market into groups. This also helps organizations that counsel drug addicts or other at- risk groups. This groups consumers on the benefits they derive from products or services, their usage rate, their loyalty, and the occasion. Different motives lead different consumers to purchase the same product.
