BUS 343 Chapter Notes - Chapter 6: Operational Excellence, Blue Ocean Strategy, Anthropomorphism
11 May 2016
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Chapter 6 readings: target marketing strategy: process overview (page 176) Market fragmentation: the creation of many consumer groups due to a diversity of distinct needs and wants in modern society. Target marketing strategy : dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments. The decision about how to define the markets you are competing in is typically done at the executive (strategy planning) level of an organization. Segmentation: the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics. Segmentation variables : dimensions that divide the total market into fairly homogeneous groups, each with different needs, and preferences. Behavioural segmentation: a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service.
