ADM 1100 Lecture 9: Market Segmentations

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Marketing: an organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Utility: utility is the power of a good or service to satisfy the wants or needs of consumers. Time utility: making the good or service available when customers are wanting to purchase the good. Place utility: making the product available at locations that are convenient for customers. Ownership utility: organized transfer of goods and services from the sellers to the buyers. Study and analyse a potential market from which you need to choose between. Create a marketing mix that satisfies the chosen market (product, distribution, promotion, pricing). Internal data: data that is generated from within the organization, and includes but is not exclusive to financial records, inventory levels, sales, and profitability. External data: data that is generated from sources outside of the organization.

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