B MKT 432 Chapter Notes - Chapter 4: Value Proposition, Geodemographic Segmentation, Market Segmentation
Document Summary
Two options: technology changes, making a popular product obsolete: therefore successful marketing strategies need to be modified or even reinvented as shifts occur in the: reassess the segmentation strategy, which may come through a more. Consumer preferences shift, competitors improve their marketing strategies, and detailed examination of the current target segment to develop new and better was of meeting its needs. Market segmentation: the breakdown of large, heterogeneous market into more homogenous submarkets or segments: should have common characteristics that will lead the members of that segment to respond distinctively to a marketing program. Difficult to convert to a different product or brand: switchers / variety seekers: a market segment made up of consumers who often buy what is on sale or choose brands that offer price incentives. 1: emergent customers: a market segment made up of the gradual but constant influx of first-time buyers.
