MKG 300 Chapter Notes - Chapter 4: Market Segmentation, Marketing Mix

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Understanding types of dimensions used to segment markets. A market is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services. A generic market is a market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs. Seen from customers" viewpoints (customer needs, customer types, geographic area) A product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs (customer needs, customer types, geographic area, product type) The relevant market for finding opportunities should be bigger than the firm"s present product-market (when deciding how to match opportunities to a firm"s resources and objectives) A generic market description doesn"t include any product type terms. It consists only of three parts of the product-market definition-without the product type. This emphasizes that any product type that satisfies the customer"s needs can compete in a generic market.

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