marketing exam 2 study guide

marketing exam 2 study guide - Market-the set of all actual...

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Market-the set of all actual and potential buyers Market segmentation-dividing market into distinct needs of characteristics, demographics, etc Steps in segmenting- 1) market segmenting- act of dividing a market into distinct groups of buyers with diff needs, characteristics or behaviors once identified 2) target marketing-evaluate each markets attractiveness and select one or more segments to serve, build right relationship with right people 3) market positioning-set competitive positioning for the product and create detailed market plan variables for consumer markets-geographic demographic, psychographic, and behavioral 5 requirements for effective segmentations- 1) measurable, size, purchasing power, and profiles can be measured 2) accessible-market segments can be easily served 3) substantial-the segments are large enough for profitability 4) differentiable-segments are distinguishable and respond differentaly to different marketing mix elements 5) actionable-effective programs can be designed for segments 4 basic targeting strategies- 1. undifferentiated marketing-strategy in which a firm decides to ignore market segment
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This note was uploaded on 04/26/2008 for the course MKTG 305 taught by Professor Neu during the Spring '08 term at CSU San Marcos.

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marketing exam 2 study guide - Market-the set of all actual...

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