BU352 Chapter Notes - Chapter 6: Ideal Point, Mass Customization, Micromarketing
Document Summary
Articulate the mission and the objectives of the company"s marketing strategy. Segmentation strategy must be consistent with and derived from the firm"s mission and objectives and its current situation (swot) Use a formal approach to segment the market. Develop descriptions of the different segments, and their needs, wants, and characteristics. Using this info, firms can distinguish the customer similarities within a segment and dissimilarities across segments. Geographic, demographic, psychographic, behavioural, or a combination of these are all common segmentation approaches. The grouping of consumers on the basis of where they live. Country, region, areas within a region, climate/topography, etc. Most useful for companies whose products satisfy needs that vary by region. Better marketers make adjustments to meet the needs of smaller geographic groups. Groups consumers according to easily measured, objective characteristics: age, gender, income, education, race, occupation, marital status, religion. The most common means to define segments because these variables are easy to identify.
