marketing exam 2 study guide

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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online