After completing this chapter, the student should be able to:
- define market segmentation.
- elaborate on the major steps in developing a segmentation strategy.
- describe the benefit approaches to segmenting a market.
- describe the psychographic segmentation using the VALSTM
- describe person/situation segmentation and the steps involved.
- describe geodemographic segmentation and the PRISM NE system.
- define product positioning and positioning maps.
- describe five alternative ways of positioning a product.
- discuss how analysis of the consumer/product relationship can help in selecting segmentation and marketing mix strategies.