BUSI 520 Chapter Notes - Chapter 9: Psychographic, Mass Customization
2 Mar 2018
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Document Summary
Market segment: consists of a group of customers who share a similar set of needs and wants. Grassroots marketing: marketers concentrate on making such activities as personally relevant to individual customers as possible. Multicultural marketing: approach recognizing that different ethnic and cultural segments have sufficiently different needs and wants to require targeted marketing activities and that a mass market approach is not refined enough for the diversity of the marketplace. Psychographics: science of using psychology and demographics to better understand consumers. Segmentation process (7: needs-based segmentation, segment identification, segment attractiveness, segment profitability, segment positioning, segment acid test , marketing-mix strategy. Market segment criteria (5: measurable, substantial, accessible, differentiable, actionable. Industry competitors: potential entrants, substitutes, buyers, suppliers. Evaluating market segment factors (2: segment"s overall attractiveness, company"s objectives and resources. Differentiated marketing: firm sells different products to all the different segments of the market. Supersegment: set of segments sharing some exploitable similarity.
