FM 117 Lecture Notes - Lecture 9: Geodemographic Segmentation, Market Segmentation, Marketing Mix
5 Oct 2016
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Document Summary
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 one of these market characteristics is not a market. Market: people or organizations with needs or wants and they 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. Substantiality: segment must be large enough to warrant a special marketing mix. Indentifiabiltity and measurability: segments must be identifiable and their size measurable.
