COMMERCE 2MA3 Study Guide - Midterm Guide: Micromarketing, Psychographic, Mass Marketing
11 Feb 2015
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Market: group of people with sufficient purchasing power, authority and willingness to buy. Target market: group of people to whom a firm decides to direct its marketing efforts and ultimately its goods and services. Consumer products: products bought by the ultimate consumers for personal use. Business products: goods and services purchased for use either directly or indirectly in the production of other goods. Market segmentation: division of the total market into smaller, relatively homogeneous groups. Must find a way to promote effectively and serve the segment. Identify segments that are sufficiently large to offer good profit. Firms must aim for segments that match marketing capabilities. Four common bases for segmenting consumer markets: geographic segmentation: division of an overall market into homogenous groups based on their locations. Core regions: the region from where a company draws 40-80% of its sales. Census metropolitan area (cma): geographic area surrounding an urban core with a population of at least 100,000.
