BUS 346 Chapter Notes - Chapter 9: Geodemographic Segmentation, Marketing Mix, Swot Analysis
Document Summary
Step 1: establish the overall strategy or objectives: the first step in the segmentation process is to articulate the vision or objectives of the company"s marketing strategy clearly. The segmentation strategy must be consistent with and derived from the firm"s mission and objectives as well as its current situation its strengths, weaknesses, opportunities, and threats (swot). Step 2: use segmentation methods: the second step in the segmentation process is to use a particular method or combination of methods to segment the market. This step also develops descriptions of the different segments, which helps firms better understand the customer profiles in each segment. With this information, they can distinguish customer similarities within a segment and dissimilarities across segments. Marketers use geographic, demographic, psychographic, benefits, and behavioral segmentation methods: geographic segmentation. The grouping of consumers on the basis of where they live. Not surprisingly, geographic segmentation is most useful for companies whose products satisfy needs that vary by region: demographic segmentation.
