PHIL 1290 Study Guide - Quiz Guide: Marketing Mix, Psychographic, Swot Analysis

• School: University of Manitoba
• Department: Philosophy
• Course: PHIL 1290
• Professor: dua

Document Summary

80/20 rule: focus on the consumers most likely to purchase80% of a fir(cid:373)"s sales are obtai(cid:374)ed fro(cid:373) Two main market segments (consumer markets: consists of product ideas, and services that a person can purchase for their own personal use) Business markets: products which are purchased to either run a business, or to be used as a component in another product or business. Market segmentation: aggregating prospective buyers into homogeneous groups: competition within market segments: leads to a strategy of product differentiation involves positioning a product apart from the competition in the eyes of consumers. Forms of market segmentation: mass marketing: rarely seen today competitiveness of the market; need to specifically address consumer needs. Involves a product being marketed to the entire market with no differentiation at all: segment marketing most common form of segmentation. Involves designing different products and services to meet the needs of different target groups.