MKT 310 Lecture Notes - Lecture 5: Tim Hortons, Marketing Mix, Customer Retention

• School: Ryerson University
• Department: Marketing
• Course: MKT 310
• Professor: Yanina Chevtchouk

Document Summary

Essential tools to be an effective marketer. Segmenting: identifying meaningful groups of customers; identify segments that exist, don"t create segments (ie. you identify eye colours, you don"t make eye colors) Must be identifiable and measurable; similar enough as a group easy to see difference in other groups. Must be accessible or reachable by marketers : audience must be able to reach or see product (can"t advertise to 20 yr olds on saturday tv if they are out clubbing doing other stuff on their own) Must be substantial to make it a profitable group to target or sizeable. Must be meaningful or actionable to make a product out of. Target: begin with the most important benefits, needs, attributes - cluster these into broader categories. Geographic, user, behavioural, demographic is likely interested in product. Marketer can market product according to the target market.