BSB126 Study Guide - Final Guide: Brand Equity, Sales Promotion, Cadbury Roses

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20 Jan 2017

Document Summary

Market segmentation: sorting potential buyers into groups that have common needs and will respond similarly to a marketing action (relatively homogenous groups) Product differentiation: using different marketing mix activities (product features or advertising) to help consumers perceive product as being different & better than competing products. Market-product grid: framework to relate market segments to products/ marketing actions by firm. Steps in segmenting and targeting markets: group potential buyers into segments. Potential of marketing action to reach segment. Simplicity and cost of assigning potential buyers to segments. Demographics (gender, age, social class and ethnicity) Roy morgan values segments: ten mindset segments of the australian population based on values and ways of seeing the world. Young optimism: optimistic and seeking to improve prospects in life. Visible achievement: have made it" in their field, confident of abilities and retain traditional values about home, work and society. Socially aware: community minded and social activities. Buying behaviour (benefits desired and product usage rate)