BUS 343 Chapter 6: Chapter 6 BUS343

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Karen Robson

Document Summary

Chapter 6: target marketing strategies and customer relationship management: target marketing strategy: process overview. The goal of the marketer is to create value, build customer relationship and satisfy needs. Market fragmentation the creation of many consumer groups due to a diversity of distinct needs and wants in moderns society: divide people"s diverse interest, and backgrounds into numerous groups. Criteria for identifying market segment: similar enough within the group, different enough between the groups - communication, large enough, measurable market make the purchase decision, reachable, able to identify consumers. Segmentation the process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics. Segmentation variables dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences. includes: geographical, behavioural, psychographic, demographic segmentation. These segmentation variables are used to identify the groups. then we create detailed descriptions of it.