University:
Missouri State University
Course:
MGT 340 | Principles of Management
Academic year:

2024
Views:

373

Pages:

2
Author:

Asa Carrillo

Chapter 3 Wrap MARKETING STRATEGY SEGMENTATION AND POSITIONING MARKET--a group with similar needs who are willing to exchange something to satisfy their needs. MARKET SEGMENTATION process of: (1) naming broad product-markets MP3 playersand (2) segmenting these broad product-markets in order to select target markets SEGMENTING--an aggregating process that clusters people with similar needs into a "market segment." MARKET SEGMENT--a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way. SINGLE TARGET MARKET APPROACH—defining the target market broadly. MULTIPLE TARGET MARKET APPROACH—treating each of 2 or more markets as a separate target with a different mix. COMBINED TARGET MARKET APPROACH--combining two or more submarkets segments into one larger target market as a basis for one strategy. DIMENSIONS USED TO SEGMENT MARKETS QUALIFYING DIMENSIONS--the dimensions that are relevant to including a customer type in a product-market. DETERMINING DIMENSIONS--the dimensions that actually affect the customer's purchase of a specific product or brand in a product-market, e.g. price. MORE SOPHISTICATED SEGMENTATION TECHNIQUES CLUSTERING --approaches used to try to find similar patterns within sets of data. CUSTOMER RELATIONSHIP MANAGEMENT (CRM)—seller develops clusters (and other usable information) from a detailed customer database. Also known as data mining. DIFFERENTIATION AND POSITIONING TAKE THE CUSTOMER POINT OF VIEW • Differentiate the marketing mix--to serve customers better POSITIONING--how customers think about bands in a market.