BMGT 350 Chapter Notes -Market Segmentation, Target Market, Identifiability

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: Roxanne Leftkoff

Document Summary

Market: people or organizations with needs or wants and the ability and willingness to buy. Market segment: subgroup of people sharing one or more characteristics that cause them to have similar product needs. Market segmentation: dividing a market into meaningful, relatively similar, and identifiable segments or groups. Define customer needs more precisely, define marketing objectives, and allocate resources. Sustainability segment must be large enough to maintain a special marketing mix. Identifiability and measurability know how many people are willing to participate. Accessibility must be able to reach the members of the target marketing mix. Responsiveness segments don"t need to be treated differently unless they respond differently to a change. Segmentation bases: characteristics of individuals, groups, or organizations: can use single (easy) or multiple bases (harder but more accurate) for segmentation. Geographic segmentation: segmenting markets by region of a country or the world, market size, market density, or climate. Snow blowers and skis depend on climate.