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Marketing Chapter 8 Notes

Marketing Chapter 8 Notes - Chapter 8 Segmentation...

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Chapter 8: Segmentation, Targeting, and Positioning I. Intro a. Coca-Cola’s growth was driven largely by disciplined marketing, but today the company faces the challenge of a mature cola market—it’s solution is a new approach to product development, creating unique products for various specific market segments (coke zero for men) II. The Segmentation, Targeting, Positioning Process a. Step 1: Establish Overall Strategy or Objectives i. The first step is to articulate the vision or the objectives of the company’s marketing strategy clearly as well as its current situation (SWOT) 1. Undifferentiated Segmentation Strategy, or Mass Marketing a. A firm uses an undifferentiated segmentation strategy when everyone might be considered a potential user of its product (salt and sugar) 2. Differentiated Segmentation Strategy a. Firms using a differentiated segmentation strategy target several market segment with a different offering for each b. Firms embrace this because it helps them get a bigger share of the market 3. Concentrated Segmentation Strategy a. When an organization selects a single, primary target market and focuses all its energies on providing a product to fit that market’s needs, it is using a concentrated segmentation strategy 4. Micromarketing a. When a firm tailors a product or service to suit an individual customer’s wants or needs, it is doing micromarketing or one-to-one marketing b. Firms that interact on a one-to-one basis with many people
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