BU352 Chapter Notes - Chapter 7: Geodemographic Segmentation, Market Segmentation, Psychographic
Document Summary
Marketing is about satisfying consumers" wants and needs. It is not enough just to make the product. You must position their products in the minds of the target market so those consumers understand why it meets their needs better than other brands. Market segmentation: dividing the market into groups of customers who have different needs, wants, or characteristics and who might appreciate products or services geared especially for them. Define the marketing mix variables so that the target customers have a clear, distinctive, desirable understanding of what the product or services do or represent, relative to competing products. Articulate the mission and the objectives of the company"s marketing strategy clearly. Segmentation strategy must be consistent with and derived from the firm"s mission and objectives, as well as its current situation (use swot) Use a formal approach to segment the market.
