MKT 300 Lecture Notes - Lecture 2: Psychographic, Arm And Hammer, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 300
• Professor: Cynthia Mason

Document Summary

Market segment: a group of customers who share a similar set of needs and wants within an overall market. Market segmentation: the process of identifying and categorizing the overall market into segments. Target market: the qualified available market segment which the company decides to pursue. Geographic: region, urban/rural, city size, climate, culture, divide market into separate geographic units (countries, regions, provinces, cities, neighborhoods, climate, etc. ) Demographic: age, sex, marital status, income, education, occupation, family life cycle, culture, religion, race, social class, most common method, census (stats can census) is an excellent source of demographic data. Psychographic: how consumers describe themselves, activities, interests, opinions, lifestyles, self-values, self-concept. Usage: rate, awareness status, brand loyalty, situation (time, objective, location, person, behavioral segmentation, occasions: based on occasions when develop a need, user status: non-user, ex-user, potential, usage rate: heavy, medium, light, loyalty status: hard-core, split, shifting, switchers. Benefits sought: attributes, hedonic, utilitarian, best place to start when segmenting.