MKBU 3225 Chapter Notes - Chapter 7: Psychographic, Marketing Mix, Competitive Advantage
16 Oct 2016
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Market segmentation: dividing market into smaller segments of buyers w/ distinct needs/characteristics/behaviors that might require separate marketing strategies/mixes. Market targeting: evaluating each market segment"s attractiveness & selecting 1+ segments to enter. Differentiation: differentiating market offering to create superior customer value. Positioning: arranging for market offering to occupy clear, distinctive & desirable place relative to competing products in minds of target consumers. Market segmentation & market targeting are where company selects customers that it will serve & differentiation & positioning are where company decides on value proposition. Geographic segmentation: dividing market into different geographical units. Psychographic segmentation: dividing market into different segments based on social class/lifestyle/personality. Marketers often use multiple segmentation bases to id smaller, better-define target markets. Customer operating characteristics, purchasing approaches, situational factors & personal characteristics used in addition to other segmentation variables. Can be segmented by geography, economy, political & legal, & cultural.
