MCS 1000 Study Guide - Final Guide: Market Segmentation, Mass Customization, Product Differentiation

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Combing groups of buyers that have common needs & respond similarly to marketing. Li(cid:374)k the (cid:271)uye(cid:396)s" (cid:374)eeds to the o(cid:396)ga(cid:374)izatio(cid:374) (cid:373)a(cid:396)keti(cid:374)g"s p(cid:396)og(cid:396)a(cid:373)s. Market segments are relatively homogeneous groups of prospective buyer that result from the market segmentation process. Each market segment consists of people who are relatively similar to teach other in terms of their consumption behavior. Product differentiation is a strategy that involves a firm using different marketing mix activities, such as product features and advertising to help consumers perceive the product as being different from and better than competing products. Second, such needs and benefits must be related to specific marketing actins that the organization can take: may involve separate products or other aspects of the marketing mix. Using market product grids: framework to relate the market segments of potential buyers to products offered or potential marketing actions by the firm. Market segments appear in the horizontal rows.