PHYSICS 102 Lecture Notes - Lecture 15: Market Segmentation, Psychographic, Marketing Mix
Document Summary
Companies must identify the parts of the market they can serve best and most profitably. Thus, most companies have moved away from mass marketing and toward target marketing: identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each. Market segmentation: dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviours that might require separate marketing strategies or mixes. Market targeting: evaluating each market segment"s attractiveness and selecting one or more segments to enter. Differentiation: differentiating the market offering to create superior customer value. Positioning: arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Through market segmentation, companies divide large, heterogeneous markets into smaller segments that can be reached more efficiently and effectively with products and services that match their unique needs.
