BUS 343 Lecture Notes - Lecture 6: Micromarketing, Mass Customization, Convenience Store

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Todd Green

Document Summary

Segmentation: dividing on distinct needs, characteristics, behaviours require separate marketing strategies consumer. Demographic: age, gender, family size, life cycle, income, occupation, edu, ethnic, cultural group, generation => easy measure, vary with needs, wants, usage. Operating + personal characteristics, purchasing approaches, situational factors. Buying behaviour + benefits = best international: geographic, economic, political, legal, cultural, intermarket (cross-market) segmentation: different countries but similar behaviour effectived measurable [lefthand], accessible, actionable, substantial,differentiable. Evaluating: size, growth, structural attractiveness: 5 forces, objectives and resources. Target market: sharing common needs to serve undifferentiated (mass) marketing. Concentrated (niche) marketing: large share of few segments => strong position, small, attract few competitors,efficient, effective. Micromarketing: tailoring to needs specific individuals, local segments. Local marketing [location based app, convenience store] => increase cost (reduce economies of scale), logistic problems (varied requirements) => effective, meet first line customer (retailer) needs. Choosing strategy: resources, product + market variability, product"s life-cycle stage, competitors" strategies. Socially responsible target marketing: target vulnerable segment with questionable products.