MKT 100 Lecture Notes - Lecture 6: Psychographic, Swot Analysis, Stereotype

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

Document Summary

Step 1: establish overall strategy or objectives: arti(cid:272)ulate the (cid:373)issio(cid:374) a(cid:374)d the o(cid:271)je(cid:272)ti(cid:448)es of the (cid:272)o(cid:373)pa(cid:374)y"s (cid:373)arketi(cid:374)g strategy (cid:272)learly. The segmentation strategy must then be consistent with and derived fro(cid:373) the fir(cid:373)"s (cid:373)issio(cid:374) a(cid:374)d objectives, as well as its current situation its strengths, weaknesses, opportunities, and threats (swot: consistent with mission statement, derived from mission and current state. Identifiable: firms must determine who is within their market to be able to design products or services to meet their needs. If a market is too small or its (cid:271)uyi(cid:374)g po(cid:449)er i(cid:374)sig(cid:374)ifi(cid:272)a(cid:374)t, it (cid:449)o(cid:374)"t ge(cid:374)erate suffi(cid:272)ie(cid:374)t profits or (cid:271)e a(cid:271)le to support the marketing mix activities. Segment profitability = (segment size segment adoption percentage purchase behaviour profit margin percentage) fixed costs. Step 4: select target market: undifferentiated (mass) segmentation strategy: not common. Mkt 100 chapter 6: segmentation targeting and positioning. Ideal point: the position at which a particular market seg(cid:373)e(cid:374)t"s ideal produ(cid:272)t (cid:449)ould lie on a perceptual map.