MKT 3401 : Study Guide - Ch. 8 Answers
Document Summary
Market people or organizations with needs or wants and the ability and willingness to. Market segment a subgroup of people or organizations sharing one or more. Market segmentation the process of dividing a market into meaningful, relatively characteristics that cause them to have similar product needs. similar, identifiable groups. Marketing segmentation play a key role in the marketing strategy of almost all successful organizations and is a powerful marketing tool for several reasons. Markets have a variety of product needs and preferences. Marketers can better define customer needs more precisely. Decision makers can define objectives and allocate resources more accurately ( 4 p"s : price, place, product, promotion) Criteria for successful segmentation: mix size measurable marketing mix. Bases for segmenting consumer markets segments that meet four basic criteria: identifiability and measurability segments must be identifiable and their. First, segmentation enables marketers to identify groups of customers with similar needs and to analyze the characteristics and buying behavior of these groups.
