Flashcards
Marketing
Cards in this deck (10)
- 1Market segmentation Dividing a market into smaller segments with distinct needs, characteristics or behaviour that might require separate marketing strategies or mixes.Target Market
A group of people or organizations for which a business creates and maintains a marketing mix specifically designed to satisfy the needs of group members - 2The strategy used to select a target market is affected by: Target market characteristics Product attributes The organization’s objectives and resourcesFive conditions Market Segmentation
- 3For market segmentation to succeed, five conditions must exist Customer’s needs must be heterogeneous Segments must be identifiable and divisible Segments must be comparable to one another with respect to estimated sales potential, costs and profits One segment must show enough profit potential to justify developing a special marketing mix The firm must be able to reach the chosen segment with a particular marketing mixBases for segmenting markets
- 44 ways to market segmentation segmenting consumer markets- Geography segmentation
- Demographic segmentation
- Psychographic segmentation
-Behavioral segmentation - 5Demographic- Age
-Sex
-Occupation
-Education
- Religion
-Social Class - 6Psychographic- Activities
- Interests
- Opinions
- How people spend their time - 7Behavioural- Knowledge
-Attitude
Usage rate - light, medium, heavy
- Response
- Loyalty status - non-users, first-time users, potential users
- Readiness stage - 8Geographic- Country
- Region
- Province
- City
- neighbourhood
-Postal code - 9Behavioural segmentationdivides buyers into groups based on their knowledge, attitudes, uses or responses to a product.
Occasions
Benefits sought
User status
Usage rate
Loyalty status. - 10—
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- Flashcards on Marketing, created by Lih Soares on 04/12/2019.
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- Lih Soares
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