MKT 100 Lecture Notes - Lecture 7: Junk Food, Formal Wear, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Segmentation strategy must be consistent with the rm"s mission & objectives as well as it"s current situation (swot). Developing descriptions of the different segments, their needs, wants,and characteristics, which helps rms better understand the pro le of the customers in each segment. Age, gender, income, education, occupation, ethnic background, religion, family life cycle, etc. Self values: goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his/her life. Self-concept: the image a person has of his/her self. Lifestyles: refers to the way a person lives his/her life to achieve goals. Strategic business insights, eight consumer segments: innovators, thinkers, believers, Geodemographic segmentation: the grouping of consumers on the basis of a combination of geographic, demographic and lifestyle characteristics. Psyte clusters: the grouping of all neighbourhoods in canada into 60 different lifestyles clusters.