BU352 Chapter Notes - Chapter 6: Ideal Point, Micromarketing, Gap Inc.
Document Summary
First step in the planning process is to articulate the mission and the objectives of the company"s marketing strategy clearly. The segmentation strategy must be consistent w/ and derived from the firm"s mission and objectives, as well as its current situation its strengths, weaknesses, opportunities, and threats (swot) This step develops descriptions of the different segments and their needs, wants, and characteristics, which helps firms better understand the profile of the customers in each segment. Marketers use various segmentation bases or a combination including: The most widely used psychographic system is the vals which is a tool that classifies consumers into 8 segments allowing firms to understand their underlying motives. Shopping is a social activity and a display of status. Favour prestige products that demonstrate their success, time-saving products. Want to look good and have cool stuff. Always focused on meeting needs not fulfilling wants.
