MKT 100 Lecture Notes - Lecture 6: Geodemographic Segmentation, Target Market, Mass Customization

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Tatiana Astray

Document Summary

Self-values: a component that refers to overriding desires that drive how a person lives their life. Self-concept: the image a person has of themselves. Lifestyles: how we live our lives to achieve goals. Vals: a psychographic system that classifies consumers into 8 segments: innovators, achievers, strivers, experiencers, makers, or survivors: behavioural segmentation: groups consumers based on the benefits they derive from products/services, their usage rate, loyalty and the occasion. Occasion segmentation: based on when consumers purchase or consume a product or service. Benefit segmentation: based on benefits consumers derive from products or services. Loyalty segmentation: strategy of investing in retention and loyalty initiatives to retain the firm"s most profitable customers. Geodemographic segmentation: grouping consumers on the basis of geographic, demographic, and lifestyle characteristics. Pyste clusters: the grouping of all neighbourhoods in canada into 60 different lifestyle clusters. Potential profitability: market growth, market competitiveness and access. Step four: select target market: undifferentiated targeting strategy (mass marketing)