BU352 Lecture Notes - Lecture 2: Psychographic, Swot Analysis, Marketing Mix
Document Summary
The process of identifying/ establishing these different segments, has 5 steps: step 1: establish overall strategy or objectives, articulate the mission & objective of company"s marketing strategy, the segmentation strategy must align with company"s mission, objectives, and swot (strengths, weaknesses, opportunities, and threats, step 2: segmentation bases, develops descriptions of different segment"s needs, wants, and characteristics, there are different bases for segmenting markets. Atlantic, central, western canada: firms can provide the same basic goods or services to all segments even if they market globally or nationally; but better marketers make adjustments to meet the needs of smaller geographic groups, the way someone looks easily measured, objective characteristics such as age, gender, income, education, race, occupation, religion, family size, marital status, etc. Thinkers: mature, satisfied, comfortable, value responsibility, well educated, knowledge seekers, respect for authority, conservative, practical consumers, like durability and clear value.
