Management and Organizational Studies 2320A/B Study Guide - Midterm Guide: Swot Analysis, Profit Margin, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Sean Hingston

Document Summary

Articulate the mission and the objectives of the company"s marketing strategy clearly: the segmentation strategy must be consistent with this and its current situation (swot) Use a formal approach to segment the market. Describes the different target market segments and their needs, wants and characteristics. Common segmentation bases include: geographic, demographic, psychographic, behavioural. Geographic segmentation: the grouping of consumers on the basis of where they live. Most useful for companies whose products satisfy needs that vary by region. Demographic segmentation: the grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education. Often used as gathering information is relatively easy. Psychographic segmentation: the grouping based on how consumers describe themselves. Allows people to describe themselves by using the characteristics that help them choose how they occupy their time and what underlying psychological reasons determine those choices.