MGT 300 Lecture Notes - Lecture 5: Oscar Mayer, Deloitte, Market Segmentation

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28 Sep 2017
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Explain what markets are and how they are generally classified. Identify the five steps of the target market selection process. Explain what segment profiles are and how they are used. Identify the factors that influence the selection of specific market segments for use as target markets. Groups of people, individuals or organizations that have. Desire or needs for products in a product class. Ability, willingness, and authority to purchase such products. Total amount of a product customers will purchase within a specified period at a specific level of industry-wide marketing activity. Affected by economic, sociocultural, and other environmental forces. Consumer market - purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits. Business market - purchase a specific kind of product for resale, direct use in producing other products and use in general daily operations. Oscar mayer advertises to consumer markets, whereas deloitte consulting advertises to business markets.

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