MKTG 2201 Chapter Notes - Chapter 7: North American Industry Classification System, Marketing Mix, Target Market
16 Dec 2016
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Target marketing strategy: select and enter a market. Market fragmentation: the creation of many consumer groups due to a diversity of distinct needs and wants in modern society. Target marketing strategy: dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments. Step 1: segmentation: the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics. segmentation variables: dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences. Generation y: the group of consumers born between 1979 and 1994. Demographics: statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure. Generational marketing: marketing to members of a generation, who tend to share the same outlook and priorities. Generation x: the group of consumers born between 1965 and 1978.
