BUSI 1210 Chapter Notes - Chapter 8: The Home Depot, Psychographic

• School: Memorial University
• Department: Business Administration
• Course: BUSI 1210
• Professor: Tom Clift

Document Summary

To date we have looked at corporate strategy, marketing strategy and consumer. Behaviour as key elements in our approach to understanding how strategic marketing plans develop. At this juncture in the course, it is appropriate to consider how these elements fit together while also developing an appreciation for where we are headed next in terms of strategy selection and tactical execution. Key elements used to create value for targeted" customers. They are those to whom we direct our marketing campaigns . Those who have the highest potential of being good long-term customers of our firm. If that is our mandate as a true market-oriented business. First: we select customers to serve: (segmentation and target selection). Segmentation: divide the total market into smaller more meaningful segments (key to marketing plan) Targeting: select the actual market segment or segments to enter. Second: we decide on a value proposition: (differentiation and positioning).