INTB 1209 Chapter Notes - Chapter 16: Price Discrimination, Market Segmentation, Marketing Mix
22 Mar 2016
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Marketing mix is the set of choices the firm offers to its targeted markets (cid:1) (cid:1) According to levitt: a powerful force drives the world toward a converging commonalty, and that force is technology. The result is a new commercial reality. Market segmentation refers to identifying distinct groups of consumers whose purchasing behavior differs from others in important ways: markets can be segmented by. Geography, demography (sex, age, income, race, education level), sociocultural factors (social class, values, religion, lifestyle choices), and psychological factors (personality) A product can be viewed as a bundle of attributes. The goal of a firm is match its products attributes to match consumer needs (cid:1) Technical standards of a country influence a products attributes (cid:1) Concentrated retail system a few retailers supply most of the market. Fragmented retail system is one in which there are many retailers, none of which has a major share in the market.
