Consumer Behavior and Analysis Final Essays

Terms in this set (39)

Market segmentation: marketer divides a whole market into different groups or segments.
-segments typically have some sort of similarities
- goal is to create segments that will be most likely to adopt or be interested in their products or services.

1) Analyze Consumer-Product Relationships
- consumer behavior, values, beliefs, consumption behavior, etc.
(since prestige is often a big factor, a marketer may see that their product, Lululemon pants, are mostly adopted by upperclass girls. Lululemon brand is often though of as a more prestigious brand)

2) Investigate the Segment Bases
- geographic segmentation, demographic segmentation, sociocultural segmentation, and cognitive segmentation.
(if the product is still Lululemon pants, the basis for segments might first of all be women since Lululemon pants are made for women. The next basis might be ages 15 to ages 40 since women in this age range are most likely to wear the pants)

3) Develop Product Positioning
- done in relation to competing products or services.
- can also position according to attributes, use or application, product user, product class, or competitors.

4) Select a Segment Strategy
1) if their product applies to no one, they may decide not to enter the market
2) they may decide their product applies to everyone and be a mass marketer
3) they could decide their product only applies to a small section of the market and choose just one segment
4) a marketer may decide on more then one segment and have a different strategy for each

5) design a marketing mix strategy
- This is done by finishing the marketing mix for each segment.