chapter 9 - Market segmentations sorting potential buyers...

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Market segmentations – sorting potential buyers into groups that have common needs and will respond similarly to a marketing action Market segments – groups of prospective buyers Product differentiation – strategy to help consumers perceive a product as being different and better than competing products Process of market segmentation o Identify market needs – benefits in terms of Product features Expense Qualit Savings in time and convenience o Process of segmenting and targeting markets Group potential buyers into segments Group products to be sold into categories Develop a market-product grid and estimate size of markets Select target markets Take marketing actions to reach target markets o Execute marketing program – 4 P’s Market-product grid – framework relating to the segments of a market to products or marketing actions of the firm Successful market segmentation o CRM – Customer relationship management – every customer is unique and has
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chapter 9 - Market segmentations sorting potential buyers...

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