MCS 1000 Chapter Notes - Chapter 9: Betty Crocker, Sales Operations, Air Canada

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Will respond similarly to a marketing action: market segments: relatively homogeneous groups of prospective buyers that result from the market segmentation process. May involve physical features or nonphysical ones such as image or price. Important to group people/organization"s in a market according to the similarity of their needs and the benefits they are looking for in making a purchase. Needs and benefits must be related to specific marketing actions that the organization can take. May involve separate products or other aspects of the marketing mix such as price, 1 product and multiple market segments: avoids extra costs of developing and producing additional versions of the product. Costs of research, engineering and manufacturing expenses. Costs usually involve separate promotional campaigns or a new channel of distribution. Expenses might be high but rarely the same cost as those for developing an entirely new product: e. g. movies, magazines and books are single products frequently directed to 2+ distinct market segments.