COMM 223 Chapter Notes - Chapter 7: Mass Customization, Micromarketing, Competitive Advantage

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Bonnie Feigenbaum

Document Summary

Companies recognize that they cannot appeal to all buyers. It must therefore design customer-driven marketing strategies that build the right relationship with the right customers. Segmentation: dividing the market into distinct groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Targeting: the pro(cid:272)ess of e(cid:448)aluati(cid:374)g ea(cid:272)h (cid:373)arket seg(cid:373)e(cid:374)t"s attra(cid:272)ti(cid:448)e(cid:374)ess a(cid:374)d sele(cid:272)ti(cid:374)g o(cid:374)e or (cid:373)ore seg(cid:373)e(cid:374)ts to enter. Differentiation: actually 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. Geographic segmentation: dividing a market into different geographical units, such as global regions, countries, regions within a country, provinces, cities or even neighborhoods. Demographic segmentation: dividing the market into segments based on variables such as age, gender, family size, income, life cycle, occupation, education, ethnic or cultural group, and generation.