MKT 1001 Lecture Notes - Lecture 6: Target Market, Psychographic, Unique Selling Proposition

• School: St. John's University
• Department: MKT - MARKETING
• Course: MKT 1001
• Professor: DiGangi

Document Summary

Segmentation: divide the total market into smaller segments: targeting: select the segment or segments to enter, differentiation: differentiate the market offering to create superior customer value, positioning: position the market offering in the minds of target customers. Income segmentation: dividing a market into different income segments. Psychographic segmentation: marketers segment their markets using variables such as: social class, lifestyle and personality characteristics, the products people buy reflect their lifestyles. Loyalty status: consumers can be loyal to brands, stores and companies. Identify and understand key customer segments: reach customers more efficiently by tailoring market offerings and messages to customers" specific needs. Segmentation systems help marketers segment people and locations into marketable groups of likeminded consumers. Segmenting business markets: consumer and business markets use many of the same variables for segmentation, variables used by business markets for segmentation include, operating characteristics, purchasing approaches, personal characteristics. Segmenting international markets: variables include, geographic location, economic factors, political and legal factors, cultural factors.