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MGTA02H3 (363)
Chapter 5

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Department
Management (MGT)
Course
MGTA02H3
Professor
Chris Bovaird
Semester
Winter

Description
Chapter 5 Understanding Marketing: Markets Segmentation and Market Research Marketing • Planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both buyers’ and sellers’ objective. • Don’t sell what you have • Sell what costumers at a profit Marketing concept • The business is directed toward serving existing and potential customers, while making a profit • The idea that the whole firm is directed toward serving present and potential customers at a profit Target markets • Any group of people who have similar wants and needs and may be expected to show interest in the same product • The specific group of people the business targets as the most likely/ intended customers • No business has unlimited time • No business has unlimited recourses • No business can sell to everybody Market segmentation • Dividing a market into categories according to traits customers have in common • Marketers divide world into smaller and smaller groups of similar people • People whose needs wants attitudes to product likely to be similar • Identify o Demographic 人人 Variables 人人  Characteristics of populations that may be considered in developing a segmentation strategy  A person’s external traits: age, gender, race, income o Psychographic Variables  Psychological traits that a group has in common, including motives, attitudes, activities, interests, and opinion  A person’s external traits: beliefs, values, motivations  Example: political parties – trying to convince their ideas; charities o Geographic Variables  Geographical units that may be considered in a segmentation strategy  Where people live: region, rural vs. urban, climate o Product-use Variables  Consumer characteristics based on the use of a product, benefits expected from it, reason for purchasing it, and loyalty to it An example combining all 3 segmentation • Nike Marketing • Having identified the “target” managers must create products o Product – with features people want o Price – at prices they will pay o Promotion – that they know about o Place – that they can easily get Market Research • The systematic study of what buyers need and how best to meet those needs • How to discover customer needs? You ask Research process o Secondary market research  It’s a second hand information  Research using already published material  From a book, website o Primary market research  Market research you do yourself Research methods • Observation o Watch
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