Management and Organizational Studies 1021A/B Study Guide - Final Guide: Viking Cruises, Swot Analysis, Market Segmentation

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MOS 1021A/B Full Course Notes
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MOS 1021A/B Full Course Notes
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Document Summary

Mos chapter 8 - segmentation, targeting & positioning. Fundamental concepts that are important for how marketers run their business and market their products. Used to reinforce a products image to its consumers and the market. Market segmentation: the aggregation of prospective buyers into groups that have common needs and respond similarly to marketing programs. Groups consist of people who are fairly similar in terms of consumption behaviour, attitudes and target market profiles. Product differentiation: positioning a product to a target group so that it appears distinct from competitive offerings. Position it to meet the needs of their target consumers. Consumers have diverse needs and a single product cannot satisfy everyone. Companies have finite amounts of money and it needs to be spent efficiently and effectively on consumers who are most likely to purchase their product. Marketers need to have clear consumer insights in their target markets product needs, price expectations, purchase habits, etc.