Chapter 11 Notes

Chapter 11 Notes - C hapter 11 Unique Marketing Issues H...

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Chapter 11 – Unique Marketing Issues Highlighted Notes are on Exam 3 Study Guide Note the opening feature on Curves International which shows how the careful selection of a target market & close attention to the needs of that market has permitted Curves to become the fastest growing chain of fitness centers in the United States. Building a better mousetrap doesn’t necessarily mean they customers will come. I. Selecting a Market and Establishing a Position: Important Questions: Who are the customers, and how will we appeal to them? Who? - specifically identify customers (market segments) What? - what needs can be satisfied How? - necessary core competencies to implement strategies to satisfy customer Three steps in selecting a market & establishing a position: 1. Segmenting the Market – study the targeted industry and determine the different potential target markets. Important because a new firm typically only has enough resources to target one market segment. Markets can be segmented by, amongst other things: 1) Demographics – Age, income, gender, etc 2) Socioeconomics – Social class, family life cycle 3) Geographic – Culture, regional, & national differences 4) Psychological – Lifestyle, personality traits 5) Consumption Patterns – Heavy, moderate, light users Objectives of Segmentation: 1) Identify one or more relatively homogeneous groups (based on wants & needs) of prospective buyers in the industry. 2) Differences within the segment should be small. 3) The segment should be distinct enough so members can be easily identified. 4)
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Chapter 11 Notes - C hapter 11 Unique Marketing Issues H...

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