COMM 223 Chapter Notes - Chapter 8: Baskin-Robbins, Halloween Costume, Sarah Palin

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Eric Martineau

Document Summary

You have to decide which consumers you"re going to go after. At this point, you"re figuring out who"s the most profitable consumers that you"re going to go after. You want a group, a target group that sees value in your product in a similar fashion. They need to have similar realities, and then they"ll be able to see the value that you"re offering. Market segmentation involves dividing the market into smaller groups with distinct needs, characteristics or behaviors that might require separate marketing strategies or mixes. With market segmentation, you"re splitting the pie based on different characteristics. Market targeting (targeting) the process of evaluating each market segment"s attractiveness and choosing one or more segments to enter. With targeting, you"re selecting which group is going to be the most attractive one to go after. Differentiation actually differentiating the market offering to create superior customer value.