ch 8 notes - Marketing 201 Chapter 8 Lecture Notes Describe...

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Marketing 201 Chapter 8 Lecture Notes Describe the characteristics of markets and market segments A market is composed of individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants. A market segment is a group of individuals or organizations with similar product needs as a result of one or more common characteristics. Explain the importance of market segmentation Before the 1960s, few businesses targeted specific market segments. Today, segmentation is a crucial marketing strategy for nearly all successful organizations. Market segmentation enables marketers to tailor marketing mixes to meet the needs of particular population segments. Segmentation helps marketers identify consumer needs and preferences, areas of declining demand, and new marketing opportunities. Discuss criteria for successful market segmentation Successful market segmentation depends on four basic criteria: 1) a market segment must be substantial and have enough potential customers to be viable, 2) a market segment must be
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