MKT 320F Lecture Notes - Lecture 4: Psychographic, Costco, Asian Americans
Document Summary
Chapter 4: focusing marketing strategy with segmentation and positioning. People or organizations with needs or wants, and with the ability and willingness to buy. Search for opportunities can begin by understanding markets. A group of people that lacks any one of these characteristic is not a market. -market-oriented approach that listens to customers and gets feedback from them is the best way to approach marketing; helps find out customers" needs. -generic market is a market with broadly similar needs with various ways to satisfy those needs. -product market similar need offering a close substitute to those needs. **broaden market definition to find new opportunities; narrows in/focuses on particular way to target specific customers. -market: people or organization with need or wants and the ability and willingness to buy. -market segment: a subgroup of people or organization sharing one or more characteristics that cause them to have similar product needs.
