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Marketing and sales Block 2 Chapter 7 Summery
Discuss the 4 major steps in designing a customer driven marketng strategy
Two questions
1. Which customer will we serve?
2. How will we serve them?
The goal is to create more value for the customers we serve than competitors do
Market segmentation Dividing a market into smaller segments of buyers with distinct
needs, characteristics, or behaviour that might require separate
marketing strategies
Market targeting Evaluating each market segment’ss atractiveness and selecting
(targeting) one or more segments to enter
Differentiation Diferentiating the market ofering to create superior customer
value
Positioning Arranging for a market ofering to occupy a clear, distinctive and
desireable place relative to competing products in the minds if
target consumers
Use the major bases for segmentng consumer, business markets & internatonal markets
Market segmentationn
Can be reached more efciently and efectively
to the consumers unique needs
4 important segmentation topics
I. Consumer market
II. Business market
III. International market
IV. Requirements for efective segmentation
I. consumer market
Geographic segmentation regions, states, neighborhoods, population density
Demographic segmentation age, life-cycle stage, gender, education
Psychographic segmentation social class, lifestyle, personality
Behavioural segmentation benefts, occasions, user status, loyalty status
Age and life-cycle Dividing a market into diferent age and life-cycle
segmentation groups
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