MKT 101 Lecture Notes - Lecture 11: Market Segmentation, Psychographic, Target Market

• School: Hofstra University
• Department: Marketing (MKT)
• Course: MKT 101
• Professor: Hamby

Document Summary

The a(cid:271)ility to (cid:271)uy (cid:894)if the (cid:272)o(cid:374)su(cid:373)er really likes (cid:271)ut (cid:272)a(cid:374)(cid:859)t afford the(cid:374) (cid:449)tf(cid:895) And the willingness to buy (support, join, etc) Knowing our market helps define our business, know our competition, and search for opportunities. Market segment: subgroup of consumers sharing common characteristics and similar needs. Segmentation: process of dividing a market into smaller parts or groups of consumers. Target market: part of market toward which specific marketing strategies are directed. Differences across segments find the wants and needs (cluster of attributes that appeal) to different people. Similarities within segments once we determine the differences, we find how they are similar in the characteristic that is relevant to the produ(cid:272)t (cid:449)e(cid:859)re selli(cid:374)g different from each but similar within. Measurable some things are easy to measure like demographics, others are harder, like psychographics. Reachable you can feasible distribute your product to (cid:862) tp(cid:863): eg(cid:373)e(cid:374)tatio(cid:374), targeting, and positioning.