ADM 2320 Lecture Notes - Lecture 6: Coca-Cola Zero Sugar, Psychographic, Liquid Oxygen

• School: University of Ottawa
• Department: Administration
• Course: ADM 2320
• Professor: David Delcorde

Document Summary

Firms constantly look to increase markets for their products by getting current consumers to consume more, obtaining new consumers for current products, offering new products to current consumers, or entering an entirely new market. To use these strategies, firms must understand customers in the various markets: ex. Coca-cola identified a group of customers whose needs were not being met & offered an effective solution. A(cid:374)y st(cid:396)ategy (cid:373)ust (cid:271)e (cid:272)o(cid:374)siste(cid:374)t (cid:449)/ fi(cid:396)(cid:373)(cid:859)s (cid:373)issio(cid:374) state(cid:373)e(cid:374)t & (cid:271)e based on current assessments from swot analysis. Geographic segmentation grouping consumers where they live. Countries, regions provinces, cities, neighbourhoods, climate, etc. Geographic information software (gis) aids in such segmentation. Many firms use regional brands of popular products. National grocery stores such as sobeys & lo(cid:271)la(cid:449)(cid:859)s will sell specific food products that cater to demographic/culture. Understanding regional preferences can define a (cid:272)o(cid:373)pa(cid:374)y(cid:859)s su(cid:272)(cid:272)ess or failure. Demographic segmentation grouping consumers according to easily measured, objective characteristics.