MKT 320F Chapter Notes - Chapter 4: Mixto Esporte Clube, Cluster Analysis, Customer Relationship Management

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Chapter 4: focusing marketing strategy with segmentation and positioning. Search for opportunities can begin by understanding markets. Market: a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services. **within a general market, market-oriented managers develop marketing mixes for specific target markets. -do not just focus on the product: do not ignore the customer, they make the market! -from generic markets to product-markets: market with broadly similar needs and sellers offering various, often diverse, ways of generic market: satisfying those needs (ex. -complete product-market definition includes a four-part description: what: product type (type of good and type of service, to meet what: customer (user) needs, for whom: customer types, where: geographic area. -no product type in generic market names: does not include product type terms; only following three parts of the product-market definition. -market segmentation is a two-step process: market segmentation: two step process of, naming broad product-markets.

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