MCS 1000 Chapter Notes - Chapter 9: Mass Customization, Market Segmentation, Marketing Mix

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

Document Summary

Chapter 9 market segmentation, targeting, and positioning. Most companies segment markets because of an almost unassailable premise: people are different, and people who are different are likely to have different needs and wants. Marketers segment prospective buyers into groups that (1) have common needs, and (2) will respond similarly to a marketing action. Market segments are the relatively homogeneous groups of prospective buyers that will result from the market segmentation process. Product differentiation 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. Segmentation is the link between the various buyers" needs and the organization"s marketing program. It is a means to an end: to lead to tangible marketing actions that can increase sales and profitability. Geographic segmentation marketers segment based on where a consumer lives.