Exam2_FC1 - Market Market People or institutions with...

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Unformatted text preview: Market Market People or institutions with sufficient purchasing power, authority, and willingness to buy. Requires people with a need, ability, willingness, and authority to purchase. Organizational or B2B Market Consumer Market Markets with products for personal consumption. Markets with products for resale or for use in process. Segment Market Segmentation Division of the total market into smaller, relatively homogeneous groups. A subgroup sharing a characteristic. Markets Efficient; Effective One mass market is the most ____ while many groups of one are most ____. Have a variety of product needs and preferences; decision makers can define objectives and allocate resources more accurately. Segments Markets Can better define customer needs using targeted messages. Can be predefined by managers based on their observation of the behavioral and demographic characteristics of likely users OR defined by asking customers which attributes are important and then clustering the responses. Bases for Segmenting Consumer Markets Within; Between In relation to responsiveness to different marketing mixes, segments must be homogeneous ____ the segment and heterogeneous ____ the segment. Characteristics of individuals, groups, or organizations used to divide a total market into segments (variables). 1. Substantiality 2. Measurability/ Identifiability 3. Accessibility 4. Responsiveness 1. Geographic 2. Demographi c 3. Psychograp hic 4. Benefit 5. Usage Rate Bases for segmentation Criteria for effective segmentation: Demographic Segmentation Geographic Segmentation Dividing an overall market into homogeneous groups on the basis of their locations. Dividing consumer groups according to characteristics such as gender, age, income, occupation, education, ethnicity, household size, and stage in the family life cycle (most popular). Lifestyle Psychographic Segmentation Dividing a population into groups that have similar psychological characteristics and lifestyles. Peoples decisions about how to live their daily lives, including family, job, social, and consumer activities. Benefit Segmentation Geodemographic Segmentation Segmenting potential customers into neighborhood lifestyle categories; combines geographic, demographic, and...
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Exam2_FC1 - Market Market People or institutions with...

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