MGMT 105 Chapter Notes - Chapter 8: Market Segmentation, Marketing Mix, Target Market
8 Jun 2016
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Market: people or organizations with needs or wants and with the ability and the willingness to buy. Market segment: subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Market segmentation: the process of dividing a market into meaningful, relatively similar, and identifiable segments. Segmentation enables marketers to identify groups fo customers with similar needs and to analyze the characteristics and buying behavior of these groups. Segmentation provides marketers with information to help them design marketing ides specifically matched with the characteristics and desires of one or more segments. Segmentation is consistent with the marketing concept of satisfying customer wants and needs while maintaining the organization"s objectives. Substantial: a segment must be large enough to warrant developing and maintaining a special marketing mix. Segmentation bases (variables): characteristics of individuals, groups, or organizations. Geographic segmentation: segmenting markets by region of a country or the world, market size, market density, or climate.
