BMGT 350 Chapter Notes - Chapter 6: Micromarketing, Order Of The Indian Empire, Value Proposition

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: boyd

Document Summary

02:17: customer driven market strategy, market segmentation. Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Geographic segmentation: dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods. Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities and neighborhoods. Demographic segmentation: dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation. The most popular bases for segmenting customer groups. Consumer needs, wants, and usage rates often vary closely with demographic variables. When marketers first define segments using other bases, they must know a segment"s demographic characteristics to assess the size of the target market and reach it efficiently. Psychographic segmentation: dividing a market into different segments based on social class, lifestyle, or personality characteristics.