In this learning activity, we will develop skills related to explaining market segmentation and segmentation variables, and their relevance to marketing. A market segment is a piece of the market. Market segmentation involves aggregating prospective buyers into groups that have common needs and who respond similarly to marketing programs. They are similar in their consumption behaviour, attitudes, and target market profiles. Find an example product category from your life or your purchasing habits that fits into each of these four segmentation categories. Mass marketing strategy: Marketing a product with a broad appeal to the entire market without any product or marketing differentiation This is uncommon and can be seen with utility companies. Segment marketing strategy: Marketing a range of different products and brands to specifically meet the needs of an organization's varied target markets. This is common with large companies such as car manufacturers and packaged goods companies. Niche marketing strategy: Marketing a limited product line to a narrow but profitable segment of the market that is of marginal interest to major competitors. This is seen with smaller companies that manufacturer or sell specialty goods. Individualized marketing strategy: One-to-one marketing that involves customizing offers and in some cases, products to fit individual needs.

In this learning activity, we will develop skills related to explaining market segmentation and segmentation variables, and their relevance to marketing. A market segment is a piece of the market. Market segmentation involves aggregating prospective buyers into groups that have common needs and who respond similarly to marketing programs. They are similar in their consumption behaviour, attitudes, and target market profiles. Find an example product category from your life or your purchasing habits that fits into each of these four segmentation categories. Mass marketing strategy: Marketing a product with a broad appeal to the entire market without any product or marketing differentiation This is uncommon and can be seen with utility companies. Segment marketing strategy: Marketing a range of different products and brands to specifically meet the needs of an organization's varied target markets. This is common with large companies such as car manufacturers and packaged goods companies. Niche marketing strategy: Marketing a limited product line to a narrow but profitable segment of the market that is of marginal interest to major competitors. This is seen with smaller companies that manufacturer or sell specialty goods. Individualized marketing strategy: One-to-one marketing that involves customizing offers and in some cases, products to fit individual needs.

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter7: Consumer Buying Behavior

Section: Chapter Questions

Problem 4DYMP

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