Textbook Notes - Jan 25.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 1021A/B
Professor
James O' Brien
Semester
Winter

Description
MOSTextbook Notes Chapter 6Segmentation and TargetingMarket SegmentationThe essence of market segmentation target markets and product positioning is based on two important facts o Consumers have diverse needs and a single product cannot satisfy everyone o Companies have finite amounts of money and it needs to be spent efficiently and effectively on those consumers who are most likely to purchase the productIn the marketing world there are two main market segmentso The consumer market consists of goods services and the ideas that a person can purchase for their own personal use o The business market involves products that are purchased either to run a business or to be used as a component in another good or serviceMarket segmentation involves aggregating prospective buyers into groups that have common needs and respond similarly to marketing programsProduct differentiation is to position their products apart from the competition in the eyes of the consumerForms of
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