MGMT 105 Lecture Notes - Lecture 5: Psychographic, Market Segmentation, Marketing Mix

• School: UC-Irvine
• Department: Management
• Course: MGMT 105
• Professor: Vanessa Sheppard

Document Summary

Brands are in existence to fulfill a benefit. Sampling gives consumers the realization that tea may be something they like. High equity brand: higher brice you can command (higher end) A group that lacks any of these characteristics is not a market. Week 4 (chapter 8) people or organizations with needs or wants and the ability and willingness to buy a subgroup of people or organizations sharing one or more characteristics. Market segmentation: the process of dividing a market into meaningful, relatively similar, Market segment: that cause them to have similar product needs identifiable segments or groups popular. Market opportunity analysis (moa): looks at segmentation and tells you which one is most. 1 substantiality: group is big enough to be a segment. Identifiability, measurability: have to be able to identify them and measure their demographics. 3 accessibility: members must be reachable with marketing mix. 4 responsiveness: if a segment doesn"t respond to you, then its probably not a good segment.