Mar-3023 Lecture Notes - Lecture 6: Targeted Advertising, Geo Prizm, Cluster Analysis
Document Summary
9. 3 billion cases of soft drinks were sold in the u. s. last year. 208. 47 million barrels of beer were sold in the u. s. There are 31 gallons in a barrel. Over 230 million people visited theme parks in the u. s. Market segmentation is the process of diving up a market into smaller groups (called segments) The groups are designed to have similar wants and needs. The idea is that rms can use their marketing mix to tailor products for the different groups. Firms can then plot the segments against their core competencies and target the groups with the most sales potential. Firms then develop new products or reposition old ones to target lucrative groups of consumers. Undifferentiated - entire market is target market; 1 marketing mix (theoretical) Differentiated - two or more segments; more than 1 marketing mix. Concentrated - single market segment; 1 marketing mix (singles sites) Segmentation and targeting are all around you every day.
