Management and Organizational Studies 1021A/B Chapter Notes - Chapter 21: Corporate Social Responsibility, Market Segmentation, Mass Marketing

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Bob Larose

Document Summary

= the aggregation of prospective buyers into groups that have common needs and respond similarly to marketing programs. Product differentiation= positioning a product apart from the competition in the eyes of consumers. How a product is classified depends on its usage. Mass marketing= marketing of a product to the entire market w/ no differentiation at all. Exists in a limited capacity today due to competitiveness of market and need for marketers to specifically address consumer needs w/ their offerings. Segment marketing= designing specific products and services to meet the needs of different target groups. Customized products are being created for the company"s key accounts. Niche marketing= allows a company to focus its efforts on a limited segment in the market. Smaller firms often adopt nm approaches to compete w/ large corporations that dominate categories. Individualized marketing= involves customizing offers and, in some cases, products to fit individual needs.