MKT 300 Lecture Notes - Lecture 2: Psychographic, Target Market, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 300
• Professor: Andrew Mc Williams

Document Summary

Market segmentation is important because everyone has different needs. Market segment: group of customer who share similar set of needs and wants within a market. Market segmentation: process of identifying and categorizing overall market into groups of customer with similar needs and want. Target market: qualified available market segment which the company decides to pursue. Step 1: establish strategy and objective - consistent with mission statement + derived from mission and current state. Step 2: bases for segmentation (goodpub): geographic, demographic, psychographic, usage, benefit sought. Geographic segmentation: divide market into geographic units- countries, regions, provinces, cities, neighbourhood etc. Demographic segmentation: most common* divide based on gender, age, ethnic group, family lifecycle stage, household type, income, occupation. Behavioural segmentation: occasions, benefits, user status, usage rate, buyer readiness, loyalty status and attitude. Caffeine, taste, reason to get together, energy, addicting, routine, social influence. Identifiable (who is market, unique segments, unique marketing mix?)