MKT 3401 Chapter : MKT 3401 Ch 8 Outline
Document Summary
The term market means different things to different people. Market: people or organizations with, needs or wants and with, the ability and, the willingness to buy. A group of people or an organization that lacks any one of these characteristics is not a market. Market segment: a subgroup of people or organizations within a market sharing one or more characteristics that cause them to have similar product needs. To be useful, a segmentation scheme bust produce segments that meet four basic criteria: substantiality: a segment must be large enough to warrant developing and maintaining a special marketing mix. Identifiability and measurability: segment must be identifiable and their size measurable: accessibility: the firm must be able to reach members of targeted segments with customized marketing mixes, responsiveness: markets can be segmented using any criteria that seem logical. Unless one market segment responds to a marketing mix differently than other segments, however, that segment need not be treated separately.
