MKT 337 Exam #2 Review Guide.docx - Marketing Exam 2 Review Chapter 8 Market and Market Segment Definitions o Market People or organizations with needs

MKT 337 Exam #2 Review Guide.docx - Marketing Exam 2 Review...

This preview shows page 1 - 2 out of 4 pages.

Marketing Exam 2 ReviewChapter 8 Market and Market Segment DefinitionsoMarket: People or organizations with needs or wants and the ability and willingness to buyoMarket Segment: A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needsCriteria for SegmentationoSubstantialitySegment must be large enough to warrant a special marketing mixoIdentifiability and MeasurabilitySegments must be identifiable and their size measurableoAccessibilityMembers of targeted segments must be reachable with marketing mixoResponsivenessUnless segment responds to a marketing mix differently, no separate treatment is neededBases for Consumer Market SegmentationoGeographyRegion, market size, market diversity, climateoDemographicsAge, gender, income, ethnicity, race, family life cycleoPsychographicsPersonality, motives, lifestyle, geodemographicsoBenefitsBenefits soughtoUsage rateFormer, potential, 1sttime light or irregular, medium, heavyStrategies for Selecting Target MarketsoUndifferentiated strategyDescription: Market is one big market (mass market); develop one marketing mixAdvantages:
Background image
Image of page 2

You've reached the end of your free preview.

Want to read all 4 pages?

  • Fall '07
  • McAllister
  • Marketing

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture