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BGSU - MKT 3000 - MKT 3000, Week 6 Notes - Class Notes

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BGSU - MKT 3000 - MKT 3000, Week 6 Notes - Class Notes

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background image MKT 3000 Chapter 8 Notes Definitions:
Market­ People or organizations who have needs and wants and are able to buy a product to 
fulfill these needs and wants.
Market Segment­ Subgroup of people or organizations that share at least one characteristic 
causing them to have similar needs for a product.
Market Segmentation­ The process of splitting a market into meaningful, similar, and identifiable
Targeting­ Evaluate all of the market segment’s attractiveness and choose at least one segment to
Target market­ Group of people or organizations for which a company designs, implements, and 
maintains a marketing mix that will meet the needs of the group.
Positioning­ developing a marketing mix in order to influence that way a customer views a 
certain product, brand or organization. How you make a consumer feel about the product.
Position­ How a brand, product, or organization is viewed by consumers compared to competing 
Perceptual mapping­ graphing products in consumers’ minds to help show the amount of 
gentleness and effectiveness of a product.
Repositioning­ Changing consumers’ perceptions of a product or brand to make it look superior 
compared to competing products/brands.
The Concept of Market Segmentation ­ No market segmentation
­ Gender segmentation
­ Age segmentation
­ Gender AND age segmentation
­ Fully segmented market   ● Market segmentation is important because markets are heterogeneous, meaning that the  people in the market are different. It is also important because it is difficult to meet needs 
background image with just one marketing mix. With marketing segmentation, firms can create 
homogeneous segments and each segment offers a different marketing mix.
Market segmentation MUST BE: ­ Easy to identify and to measure
­ Substantial
­ Easy to access
­ Responsive
­ Profitable Different types of market segmentation include:
Geographic segmentation→ regional, city size, population density, block 
group, and climate.
­ Easy, but won’t help determine needs.
­ Although important, it won’t help identify specific customers.
Demographic segmentation→ Age, gender, income, occupation, education, 
family life cycle, generation, ethnicity, nationality, and social class.
­ Same as geographic. Psychographic segmentation→ Personality, motives, lifestyle, 
Behavioral segmentation→ Benefits sought, price sensitivity, usage 
situations, usage-rate.
Steps to take to segment a market 1. Select market category for study 2. Choose basis for segmenting the market
3. Select segmentation descriptors
4. Profile and analyze segments
5. Select target markets
6. Design, implement, and maintain appropriate marketing mixes Different types of target markets ­ Undifferentiated→ views the market as one big market, only one  marketing mix. Pros: potential cost savings. Cons: not very creative 
products and susceptible to competition.
­ Multisegment→ 2+ segments, marketing mix for each. Pros: potential  for financial success. Cons: more expensive, cannibalization is likely to 
­ Concentrated (or niche) → Used to select one segment of a market.  Pros: concentrates resources, can better meet needs of segment. Cons:
segments might be too small and large competitors also go after niche.

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School: Bowling Green State University
Department: Marketing
Course: Marketing/Non Business
Professor: Fei Weisstein
Term: Fall 2015
Tags: Marketing, business, and Product Development
Name: MKT 3000, Week 6 Notes
Description: These notes cover Chapter 8 in MKT 3000.
Uploaded: 09/29/2017
6 Pages 47 Views 37 Unlocks
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