COMM 131 Chapter Notes - Chapter 7: Marketing Mix, Coast Capital Savings, Pampers

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Nicole Robitaille

Document Summary

Sellers cannot appeal to all the buyers in the marketplace, because buyers have different needs/buying practices. Instead, companies need to identify the portion of the market that is most profitable to them must build consumer-driven marketing strategies that build right relationships with the right customers. Differentiate product for superior value to customers. Develop positioning and marketing mix for each segment. Segmentation is dividing a market into distinct groups according to consumers" needs, or related characteristics and behavior for the purpose of developing separate marketing mixes; designed to provide the highest value for each chosen segment. Recall: a market is a group of potential customers with similar needs for which there is a class of products or potential products that can satisfy that need. The goal is to create a marketing mix for a particular segment. We need to identify and describe the segment based on its characteristics characteristics that are correlated with the underlying needs.