BUS 343 Chapter Notes - Chapter 6: Carlton Cards, Covenant House, Air Canada
24 Feb 2015
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Identify the steps in the target marketing process: understanding people"s needs complex b. c. technological and cultural advances in modern society create market fragmentation, people"s diverse interest and backgrounds divide them into numerous groups with distinct needs/wants, ex. Health and fitness industry 1980s simple dieting with pritikin (low fat and high fibre) Target marketing strategy: divide the total market into different segments based on customer characteristics select one/more segments and develop products to meet the needs of those specific segments. Identify and select market(s: determining what market you are in and what market should be segmenting, ex. Beer marketers beer market/alcoholic beverage market/social beverage market: done at the executive level of an organization. Children not have authority to make a purchase, low income may not have ability: segment must be a measurable markets identify consumers/organizational customers in segment and communicate the product offer to them in cost effective manner.
