MGTA02H3 Chapter Notes - Chapter 2: Marketing Mix, Surveymonkey, Sound Recording And Reproduction
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MGTA02H3 Full Course Notes
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It allows customers to get what they want while allowing business owners to earn money a win-win situation. Identifying target markets: segmentation: market segmentation: dividing a total population into groups or categories of people who share common characteristics, habits or behaviours which give them common needs, common segmentations: demographic characteristics, psychological traits, and geographic location. Demographic segmentation: demographic segmentation: identifying people based on some external characteristics that they share, ex. Age, gender, race, ethnicity (race mainly refers to physical characteristics while ethnicity refers to language and culture: social and economic characteristics are also included ex. Marital status, education, etc: target markets can focus on just one characteristic or multiple characteristics. Chapter 2 marketing: satisfying customer needs and wants: psychographic segmentation: identifying people according to their internal traits, such as their attitudes, beliefs, values, and motivations, ex. Extroverted vs. introverted; adventurous vs. cautious: political parties and charities often use psychographic segmentation.
