ADMS 2200 Lecture Notes - Census Geographic Units Of Canada, Target Market, Baby Boomers

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ADMS 2200 Full Course Notes
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ADMS 2200 Full Course Notes
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Each of us is unique, coming from different backgrounds, living in different households and have different interests and goals. Marketers look at current customers and potential customers to figure out what their characteristics are, whether they can identify certain subgroups, and how they can best offer products to meet their requirements. Market is composed of people with sufficient purchasing power, authority and willingness to buy. Target market is a group of people whom a firm decides to direct its marketing efforts and ultimately its goods and services. Consumer products are products bought by ultimate consumers for personal use. Business products are goods and services purchased for use either directly or indirectly in the production of other goods and services for resale. Market segmentation is the division of the total market into smaller, relatively homogeneous groups. Four common bases for segmenting consumer markets: geographic segmentation, demographic segmentation, psychographic segmentation, product-related segmentation.

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