MKT 3401 Chapter : Ch 8
Document Summary
Market: composed of people or organization with needs or wants and with the ability and the willingness to buy, a group of people that lacks any one of these characteristic is not a market. Market segment: a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Marketing segmentation: the process of dividing a market into meaningful, relatively similar, identifiable, segments or groups. Importance of marketing segmentation: markets have a variety of product needs and preferences, marketers can better define customer needs, decision makers can define objectives and allocate resources more accurately. Must be large enough to warrant a special marketing mix. Identifiably and measurability segments must be identified and their size measurable: accessibility. Members of targeted segments must be reachable with marketing mix: responsiveness. Unless segment responds to a marketing mix differently, no separate treatment is needed. Region of the country of the world.
