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ADMS 2200 Study Guide - Psychographic, Millennials, Census Geographic Units Of Canada


Department
Administrative Studies
Course Code
ADMS 2200
Professor
Richard Patterson

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Chapter Eight Notes
Overview
Each of us is unique, coming from different backgrounds, living in different households and have
different interests and goals. Marketers look at current customers and potential customers to figure out
what their characteristics are, whether they can identify certain subgroups, and how they can best offer
products to meet their requirements.
Market is composed of people with sufficient purchasing power, authority and willingness to buy.
Target market is a group of people whom a firm decides to direct its marketing efforts and ultimately its
goods and services.
Types of markets
Consumer products are products bought by ultimate consumers for personal use.
Business products are goods and services purchased for use either directly or indirectly in the
production of other goods and services for resale.
Market segmentation is the division of the total market into smaller, relatively homogeneous groups.
Criteria for effective segmentation include the following requirements:
1. The segment must have measurable size and purchasing power.
2. Marketers must find a way to effectively promote and serve the market segment.
3. Segment must be sufficiently large to offer good profit potential.
4. Firm must aim for segments that match its marketing capabilities.
Segmenting consumer markets
Four common bases for segmenting consumer markets:
1. Geographic segmentation
2. Demographic segmentation
3. Psychographic segmentation
4. Product-related segmentation
Geographic segmentation is the division of an overall market into homogenous groups based on their
locations.
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