Marketing - Week 3 - Chapter 7

- Segmentation: dividing markets into meaningful customer groups.
- Targeting: choosing which customer groups to serve.
- Differentiation: creating market offerings that best serve targeted customers.
- Positioning: positioning the offerings in the minds of consumers.
- Planning: planning and agility as a competitive advantage.

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An aggregate of people who, as individuals, or within organization, have a need for certain products and the ability, willingness and authority to purchase such products.

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- They must need or want a particular product or service.
- They must have the ability to purchase the product or service.
- They must be willing to use their buying power.
- They must have the authority to buy the specific products or services.

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1. Segmentation
2. Targeting
3. Positioning

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The process of dividing a market of potential customers into groups or segments, based on different characteristics.

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- One-to-one marketing: customized marketing engaging individual customers for the development of longer-term relationships. Sounds good but cost a lot of resources.
- Single variable segmentation: segmentation achieved by using only one variable, the simplest type of segmentation to perform (ex. income).
- Multivariable segmentation: segmentation using more than one characteristic to divide a total market (ex. income + volume usage).

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The division of a market according to the benefits consumers want from the product, it is part of the behavioristic variables.

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1. Company demographic or firmographic (company age, location, size)
2. Operating variables (technologies applied, product type used)
3. Purchasing approach (buying center structure, delivery, service, buying policies)
4. Situational factors (perceived risk, size of order, product application)
5. Personal characteristics of buyers (experience, lifestyle)

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