ENT 500 Lecture Notes - Lecture 2: Business Marketing, Marketing Mix, Market Segmentation

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 500
• Professor: Brad Poulos

Document Summary

Chapter 6: small business marketing product, and pricing strategies. Small business marketing: those business activities that identify a target market, determine that (cid:373)arket"s pote(cid:374)tial; a(cid:374)d prepare, communicate, and deliver a bundle of satisfaction to that market. Market analysis: an evaluation process that encompasses market segmentation, marketing research, and sales forecasting. Marketing mix: the combination of product, pricing, promotion, and distribution activities. Market: a group of customers or potential customers who have purchasing power and unsatisfied needs. Segmentation variables: the parameters used to distinguish one form of market behaviour from another. Benefit variables: specific characteristics that distinguish market segments according to the benefits sought by customers. Geographic variables: defining a market by its location, size, or extent. Psychographic variables: variables related to how people think and behave. Customer profile: a description of potential customers in a target market. Product strategy: describes the manner in which the product component of the marketing mix is used to achieve the objectives of a firm.