IBM 301 Lecture Notes - Lecture 8: Marketing Mix, Millennials, Identifiability

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They are composed of people or organizations. These people or organizations have wants and needs that can be satisfied by particular product categories. They have the ability to buy the products they seek. They are willing to exchange their resources, usually money or credit, for desired products. A group of people that lacks any one of these characteristics is not a market. Market: people or organizations with needs or wants and the ability and willingness to buy. Market segment: a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Market segmentation: the process of dividing a market into meaningful, relatively similar, identifiable segments or groups. Markets have a variety of product needs and preferences. Decision makers can define objectives and allocate resources more accurately. Sustainability - segment must be large enough to warrant a special marketing mix. Identifiability and measurability - segments must be identifiable and their size measurable.

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