{"id":1805,"date":"2018-03-27T17:36:20","date_gmt":"2018-03-27T17:36:20","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/?post_type=chapter&#038;p=1805"},"modified":"2024-04-25T02:27:19","modified_gmt":"2024-04-25T02:27:19","slug":"meeting-the-needs-of-specific-groups","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/meeting-the-needs-of-specific-groups\/","title":{"raw":"Meeting the Needs of Specific Groups","rendered":"Meeting the Needs of Specific Groups"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Explain why a retailer would want to meet the needs of a specific group of people<\/li>\r\n<\/ul>\r\n<\/div>\r\nSegmentation, targeting, and positioning are critical activities because they help focus marketing and sales resources more efficiently. That is, rather than marketing a product or actively trying to sell it across a wide swath of the total population, segmentation and targeting identify a sub-population of potential customers who are the most attractive and most accessible for the firm.\r\n\r\nThis practice is based upon both the long-term economic attractiveness of the segment and the firm\u2019s organizational capabilities. The firm can optimize its marketing mix to position its offerings to meet these consumers\u2019 needs. This both ensures that consumers\u2019 needs are satisfied and creates a virtuous cycle wherein the firm can continue to innovate and develop products that suit its core consumers despite changing needs and demands.\r\n<div class=\"textbox tryit\">\r\n<h3>Practice Questions<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/dce1b28a-e630-4411-964a-f29150e212d9\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Explain why a retailer would want to meet the needs of a specific group of people<\/li>\n<\/ul>\n<\/div>\n<p>Segmentation, targeting, and positioning are critical activities because they help focus marketing and sales resources more efficiently. That is, rather than marketing a product or actively trying to sell it across a wide swath of the total population, segmentation and targeting identify a sub-population of potential customers who are the most attractive and most accessible for the firm.<\/p>\n<p>This practice is based upon both the long-term economic attractiveness of the segment and the firm\u2019s organizational capabilities. The firm can optimize its marketing mix to position its offerings to meet these consumers\u2019 needs. This both ensures that consumers\u2019 needs are satisfied and creates a virtuous cycle wherein the firm can continue to innovate and develop products that suit its core consumers despite changing needs and demands.<\/p>\n<div class=\"textbox tryit\">\n<h3>Practice Questions<\/h3>\n<p>\t<iframe id=\"assessment_practice_dce1b28a-e630-4411-964a-f29150e212d9\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/dce1b28a-e630-4411-964a-f29150e212d9?iframe_resize_id=assessment_practice_id_dce1b28a-e630-4411-964a-f29150e212d9\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-1805\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Meeting the Needs of Specific Groups. <strong>Authored by<\/strong>: Patrick Williams. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":83755,"menu_order":13,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Meeting the Needs of Specific Groups\",\"author\":\"Patrick Williams\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"4eae914e-1b39-4074-bb42-f03fbe81a707, 3ee72ce4-6dc5-4c6f-817b-2d4918e04c8b","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-1805","chapter","type-chapter","status-publish","hentry"],"part":1736,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/1805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/users\/83755"}],"version-history":[{"count":11,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/1805\/revisions"}],"predecessor-version":[{"id":6401,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/1805\/revisions\/6401"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/parts\/1736"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/1805\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/media?parent=1805"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapter-type?post=1805"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/contributor?post=1805"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/license?post=1805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}