MKT 100 Chapter Notes - Chapter 6: Sough, Marketing Mix, Psychographic

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Julie Kellershohn

Document Summary

Segmentation: identify and profile distinct groups of buyers who differ in their needs and preferences. Targeting: select one or more market segments to enter. Positioning: establish and communicate the distinctive benefits of the marker offering by getting customers to form a mental picture. Market: refers to a group of buyers (overall market) Market segment: refers to the subgroup of buyers within the market that have a common need. Starts with a common need: begin with understanding common need and then layer geographic, demographic, psychographic and behavioural characteristics. Responsive: customers must respond positively to firm"s offering, customer musts move toward the firm"s products/services, customers must accept the firm"s value proposition. Substantial and profitable: size matters, too small and segment is insignificant, not profitable, growth potential equally important. Geographic region, city or metro side density, climate, province and country. Demographic age, cohort generation, gender, family size, life-stage, education, income, occupation, etc. Psychographic life0style, passions, interests, hobbies, personality, social class, etc.