MKT 337 Lecture Notes - Lecture 5: Marketing Mix, Swot Analysis, Product Design
Document Summary
Porter"s 5 forces: analyze company & use results for swot. Market: heterogeneous set of ppl/orgs w/ needs/wants & w/ ability & willigness to buy. Market segment: a more homogeneous subgroup of ppl/orgs sharing 1+ char. that cause them to have similar product needs. Market segmentation: the process of dividing mkt into meaningful, relatively similar, identifiable segments or groups. Groups of customers who have: common needs & wants, will respond similarly to a mkt action, action is defined broadly (relative to all of the 4 p"s) So why segment: benefits to org --> sustainable profit growth. Id unfulfilled needs: better product design, more targeted promotions. Increased customer satisfaction: benefits to customer --> compelling customer experiences, convenience & time savings, tailored products & services, relevant offers, personalized experience. Dimensions for segmenting consumer mkts: geographic, demographics, psychographics, behavioral, benefits sought. Firmographics: geographic, buying approach, behavioral, benefits sought. Geodemographic segmentation: segmenting potential customers into neighborhood lifestyle categories.
