BU352 Chapter Notes - Chapter 6: Psychographic, Market Segmentation, Swot Analysis
Document Summary
The first step in the planning process is to articulate the vision/objectives of a company"s marketing strategy clearly. The segmentation strategy must then be consistent with and derived from the firm"s mission and objectives, as well as its current situation. Unilever"s objective is to increase sales in a competitive industry. The company recognized its strengths were globally recognized brand name and ability to place new products on retailers" shelves. Describe the different segments (needs, wants and characteristics) which helps firms better understand the profile of the customers in each segment, as well as the customer similarities within a segment and dissimilarities across segments. Segmentation in the soft drink industry includes caffeinated/decaffeinated, regular/diet. This segmentation method is based on the benefits that consumers derive from the products. Age, gender, income, education, occupation, race, marital status, family size, religion, ethnicity. Personality (innovators, achievers, believers), lifestyle (conservative, liberal, outgoing) and social class (upper, middle and working class)
