TXMI 3210 Chapter Notes - Chapter 2: Market Segmentation, Social Mobility

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Know your customer-cardinal rule in any business, but especially fashion. U. s. census bureau-produces more than 3 billion separate statistics about the american people to help businesspeople who are interested in translating this data to draw projections for new product and profit opportunities. Four major environmental factors: market segmentation, economic development, sociological characteristics, and psychological attitudes. Market segmentation-the separation of the total consumer market into smaller groups so producers and retailers can target their goods and services. Target markets-specific groups of potential customers that a business is attempting to turn into regular customers. Geographics- population studies that focus on where people live. Demographics- population studies that divide broad groups of consumers into smaller, more homogeneous market segments-age, gender, family, income, occupation, education, religion, race. Psychographics-studies that develop more extensive and personal portraits of potential customers and their lifestyles. They more fully predict consumer purchase patterns and distinguish users of a product-social class, values, personality.

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