Chapter 6 Marketing
Market segmentation - dividing market into distinct groups with distinct needs, characteristics, or behaviours who might require separate products or marketing mixes
Divide market into smaller segments require separate
Target marketing - evaluating each market segment’s attractiveness and selecting one / more segments to enter/ serve.
Market positioning - arranging for a product to occupy a clear, distinctive and desirable place relative to competitive products in the minds of target consumers.
Segmenting consumer markets:
Geographic segmentation (nation, states, regions, counties,cities etc) - pay attention to geo differences in needs and wants.
Demographic segmentation ( variables such as age, sex, family size, family life cycle, income, occupation, education, religion, race, nationality)