COMM-2036EL Chapter Notes - Chapter 7: Market Segmentation, Psychographic, Giant Tiger

• School: Laurentian
• Department: Commerce and Administration
• Course: COMM-2036EL
• Professor: Najam Saqib

Document Summary

Companies today recognize that they cannot appeal to all buyers in the marketplace, or at least not to all buyers in the same way . Instead, a company must identify the parts of the market that it can serve best and most profitably. It must design customer-driven marketing strategies that build the right relationships with the right customers: companies are also being choosier about the customers with whom they connect. The 4 major steps of developing a customer-driven marketing strategy are market segmentation, targeting, differentiation, and positioning, and will be discussed below. Segmentation dividing a market into distinct groups with distinct needs, characteristics, or behaviours that might require separate marketing strategies or mixes. There is no single way to segment a market. A marketer has to try different segmentation variables, alone and in combination, to find the best way to view the market structure. The 4 major segmentation variables are: geographic segmentation.