BU352 Chapter Notes - Chapter 6: Market Segmentation, Psychographic, Swot Analysis
Document Summary
Geographic segmentation: organizes customers into groups on the basis of where they live. Thus, a market could be grouped by country, by region, by areas within a region or by climate and topography. Such self-segmentation by the consumer could be very valuable knowledge to find new ways of attracting customers. Determining psychographics involves knowing and understanding three components: self- values, self-concept, and lifestyles. Self-values are life goals, they refer to overriding desires that drive how a person lives his or her life (ex. self-respect) From a marketing point of view, self-values help determine the benefits the target market may be looking for from a product. through self-concept, or the image people have of themselves. Marketers have a built-in target group with similar interests and buying desires: the most widely used psychographic system is the vals, consumers are classified into the eight segments in the two dimensions.
