ADMS 2200 Lecture Notes - Lecture 5: Micromarketing, Exact Sciences, Geographic Information System

22 views11 pages
brownbutterfly711 and 37215 others unlocked
ADMS 2200 Full Course Notes
17
ADMS 2200 Full Course Notes
Verified Note
17 documents

Document Summary

Market: composed of people with sufficient purchasing power, authority, and willingness to buy. Many markets include consumers with different lifestyles, backgrounds, and income levels. Consumer products are bought by ultimate consumers for their personal use (smartphones, grocery products, beauty products). Business products are goods and services purchased for use either directly or indirectly in the production of other goods and services for resale (rubber for tires, cotton for cloth). Market segmentation is the division of the total market into smaller, relatively homogeneous groups, practiced by both profit-oriented and not-for-profit organizations. In today"s business world there are too many variables in consumer needs, preferences, and purchase power to attract all consumers with a single marketing mix. Meeting the needs of different market segments can be obtained through several options: Identify the factors that affect purchase decisions and then group consumers according to the presence or absence of these factors.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents