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The study of consumers helps firms and organizations improve their marketing
The psychology of how consumers think, feel, reason, and select between
different alternatives (e.g., brands, products);
How marketers can adapt and improve their marketing campaigns and
marketing strategies to more effectively reach the consumer.
Segmentation
Although the text makes references to segmentation, this issue is not discussed
meaningfully.
Segmentation basically involves dividing consumers into groups such that members
of a group (1) are as similar as possible to members of that same group but (2) differ
as much as possible from members other segments. This enables us then to "treat"
1 Providing different products (e.g., some consumers like cola taste, while
2 Offering different prices (some consumers will take the cheapest product
3 Distributing the products where they are likely to be bought by the targeted
segment.
1 Each segment must have an identity—i.e., it must contain members that can
be described in some way (e.g., price sensitive) that behave differently from
another segment.
segment should consistently prefer the low price item rather than randomly