MGMT 105 Lecture Notes - Lecture 6: Marketing Mix, Psychographic, Product Type
Document Summary
Market deiniion and deining target markets; importance and implicaions of. A market is a group of potenial customers with similar needs and willing and able to purchase the exising or potenial ofering of a company. Diferences in market deiniion imply diferences in market size value and market growth rate numbers. Market structure: number of customers and compeing sellers. Market conduct: behavior of sellers and buyers in terms of price compeiion, expenditure on promoions, r&d. Anitrust: companies prevented from accumulaing too large a market share. Evoluion of approach to segmentaion: impact of cultural, social and technological environmental factors. In the us, immediately following world war ii, condiions suitable for mass markeing approach. Since that ime, many developed markets have become more difereniated and fragmented. In recent decades, there is greater emphasis on market niches relecing diferent preferences atributable to diferences in demographics, lifestyle, life stage or values and aitudes.
