24210 Lecture Notes - Lecture 5: Market Segmentation, Mass Marketing, Marketing Mix
Document Summary
Market segmentation, targeting & positioning: explain the broad concept of a (cid:494)market(cid:495) Market: a group of customers with heterogeneous needs/wants. Consumers and bs vary considerably in their needs, wants & demands: understand the target marketing concept. Market segments: subgroups within the total market (relatively similar) Target marketing: identifying, understanding and developing an offering for the market segments. One marketing mix used, one product, production orientation. Economies of scale (large volumes at low cost = sell low price) Buyers have common needs and wants (homogeneous) Different marketing mix for each target market segment. One-to-one: (unique, customised offering to meet individual needs) Seeks to build close relationships (repeat purchase, loyalty) Size of purchase = customised marketing mix for each person. Market specialisation: meeting wide range of needs within a segment. Product-market: single product offered to single market segment. Identify market segmentation variables for consumer and business markets and develop market segment profiles. Segmentation variables: homogeneous characteristics which relate to purchasing behaviour.
