BUS 343 Chapter Notes - Chapter 7: Niche Market, Marketing Mix, Product Differentiation

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: All

Document Summary

Segmentation: prioritization of benefits that a product or service has to offer. Four steps in designing a customer-driven marketing strategy. Segmentation - divide the total market into smaller segments. Targeting - select the segment or segments to enter. Differentiation - differentiate the market offering to create superior customer value. Positioning - position the market offering in the minds of target customers types of segmentation. Demographic segmentation -> most popular bases for segmenting , easier to measure. User status -> non-users, ex-users, potential users, first-time users, regular users. Usage rate -> light, medium, heavy product users. Loyalty status -> lgbtq market is a highly attractive niche market as they generally have higher than average spending power and hyper loyal to the brands they purchase. Intermarket segmentation (aka cross-market) -> customers with similar needs and buying behaviours despite different geographic locations requirements for effective segmentation. Left handed market = hard to identify. Accessible -> can be reached and served.