MKTG 9 Notes + Midterm Review

MKTG 9 Notes + Midterm Review - Chapter 9 1. 2. 3. 4. 5. 6....

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Chapter 9 1. Market Segmentation: sorting potential buyers into groups that have common needs and will respond similarly to a marketing action. a. Linking market needs to an organization’s marketing program. b. Identify needs (benefits in terms of quality, expense, etc) process of segmenting and targeting markets execute marketing program (a marketing mix in terms of product, price, promotion, place). 2. Examples of Successful Market Segmentation 3. Movies, magazines, and books are single products frequently directed to two or more distinct market segments. 4. Every customer is unique, has unique wants and needs, and desires special tender loving care from the seller—the essence of customer relationship management (CRM). 5. Today’s internet ordering and flexible manufacturing and marketing processes have made mass customization possible (tailoring goods/services to the tastes of individuals). 6. Build-to-order (BTO): manufacturing a product only when there is an order from a customer. a. Example: Dell Computers. 7. The Segmentation Trade-Off: CRM versus Synergies 8. The key to successful product differentiation and market segmentation strategies is finding the ideal balance between satisfying a customer’s individual wants and achieving organizational synergy. 9. Synergy: increased customer value achieved through performing organizational functions more efficiently. a. Customers should be better off as a result of increased synergies. 10. Steps in Segmenting and Targeting Markets 11. Step 1: Group Potential Buyers into Segments 12. Market Segments: groups of prospective buyers that result from market segmentation. 13.
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This note was uploaded on 05/05/2008 for the course BUAD 307 taught by Professor Morristowns during the Spring '07 term at USC.

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MKTG 9 Notes + Midterm Review - Chapter 9 1. 2. 3. 4. 5. 6....

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