COMMERCE 4SA3 Chapter Notes - Chapter 14: Market Segmentation, Marketing Mix

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Marketing mix: choices about product attributes, distribution strategy, communication strategy, and pricing strategy that a rm offers its targeted markets. Firms vary their marketing mix from country to country. Market segmentation: identifying groups of consumers whose purchasing behaviour differs from others in important ways. Markets can be segmented in numerous ways: geography, demography (sex, age, income, race, education level, etc. , social cultural factors (social class, values, religion, lifestyle choices, psychological factors (personality) Global strategy: selling a standardized product worldwide and using the same basic marketing mix to help position and sell that product in a variety of national markets. Differing government-mandated product standards can rule out mass production and marketing of a standardized product. Note: product can be viewed as a bundle of attributes. Example: car attributes include; power, quality, design, comfort ect. Products sell well when their attributes match consumer needs. Biggest cultural difference to account for: impact of tradition.

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