MGTA02H3 Chapter Notes - Chapter 5: Primary Market, Secondary Market, Customer Relationship Management
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MGTA02H3 Full Course Notes
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Chapter 5 understanding marketing: markets segmentation and market. 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. 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. Characteristics of populations that may be considered in developing a segmentation strategy. A person"s external traits: age, gender, race, income: 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.
