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Chapter 9.docx - Roma Patel Wednesday CHAPTER 9 General...

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Roma Patel Wednesday September 20 2017 1 General Chapter Notes Types of Markets - Products are classified under two categories o Consumer products: bought by ultimate consumers for personal use o Business products: goods and services purchased directly/indirectly for reproduction or resale - Market: group of people with sufficient purchasing power, authority and willingness to buy - Target market: specific group of people a firm believes is most likely to buy its goods and services - Roles of Market Segmentation o Market segmentation: division of the total market into smaller relative homogenous groups - Criteria for effective segmentation o The market segment must present measurable purchasing power and size o Marketers must find a way to promote effectively and to serve the market segment o Marketers must identify segments that are sufficiently large to give them good profit potential o The firm must aim for segments that match its marketing capabilities - Segmenting consumer markets o Market segmentations aims to isolate traits that distinguish a certain group of consumers from the overall market 4 types of segmentation - Geographic segmentation: division of overall market into a homogenous groups based on locations o
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