MKTG 409 Lecture Notes - Lecture 4: Market Segmentation, Marketing Mix, Psychographic

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Market: a group of people who, as individuals or organizations, have needs for products and the ability, willingness and authority to purchase such products. Target market: a group of people or organizations which a business creates and maintains a marketing mix specifically designed to satisfy the needs of group members. Consumer markets: purchasers and household members who intend to consumer or benefit from purchased products. Do not buy products to make profits. Business markets: individuals or groups that purchase a specific kind of product for resale, direct use in producing other products or use in general daily operations. Market segmentation: dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs. Market segment: individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs. Firms are better able to develop a marketing mix that satisfies a small portion of a heterogeneous market.

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