MKTG 3104 Chapter Notes - Chapter 9: Geodemographic Segmentation, Swot Analysis, Value Proposition
11 Oct 2016
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Step 1: establish the overall strategy or objectives (segmentation: the strategy is derived from the firm"s mission and objectives as well as it"s swot analysis. Self-values -goals for life, overriding desires that drive how a person lives his or her life. Self-concept / self image the image people ideally have of themselves. Lifestyles -the third component of people"s psychographic makeup, are the way we live. Most widely used tool to help psychographic. Enables firms to identify target segments and their underlying motivations. Some common behavioral measures include occasion and loyalty. Occasion - behavioral segmentation based on when a product or service is purchased or consumed. Loyalty - investing in retention and loyalty initiatives to retain their most profitable customers. Geodemographic segmentation - uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers. Step 3: evaluate segment attractiveness: using descriptive criteria:
