Class notes
BU121 - Class 10
- Course
- Bu121 (BU121)
- Institution
- Wilfrid Laurier University (WLU )
Lecture notes of 4 pages for the course bu121 at WLU (BU121 - Class 10)
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BU121 - Class 10: Understanding Marketing and Principles and DevelopingProducts
Segmentation Example - Car Manufacturing
Market 1 - stylin Market 2 - cautious Market 3 - budget
stefan cathy bob
Benefits Sought Performance Safety Low cost
Geo-demographics Young professionals Parents of teens in Retired senior in
in urban Canada suburban Canada suburban Canada
Psychographic Social, active, Conservative, value Thrifty, living on fixed
status-conscious conscious income
Product Use Medium Heavy Low
How do you select a target market?
Determine which of the segments will be the target market by finding the biggest gap between:
● What the customer wants/needs - preference analysis
● And how the customer perceives the competition is currently meeting those needs -
perceptual map
Target Market Selection Steps
● Draw axes that represent the relevant dimensions/criteria by which people perceive and
evaluate different product offerings
● Create Perceptual Map: locate the positions of competing products on the
axes/dimensions according to the customer perceptions…
● Create Preference Analysis: locate each segment’s idea product…
● Overlay Preference Analysis onto Perceptual Map: identify biggest gap to determine the
target market
Perceptual Map
Diagram mapping out what customers think about the products and services. It can also map
out what they think of other brands and competitors.
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