Exam 2

Exam 2 - Exam2 20:41 Ch.8 FourCriteriathatmakeupamarket

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam 2 20:41 Ch. 8 Four Criteria that make up a market Include people or organizations Needs or wants Ability to buy Willingness to buy Market Segment A subgroup of people or organizations sharing one or more characteristics that cause  them to have similar product needs Four requirements for a market segment to be viable Sustainability Big enough that you can make money off of it Identifiability and measurability You need to be able to locate your target market you are going after Accessibility You have to be able to reach people with your marketing mix Responsiveness Customers need to respond to your marketing mix differently 2 separate messages to 2 different groups
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Ch. 10 What is a product? It’s everything, both favorable and unfavorable, that a person receives in an exchange It can be an intangible good, a service or an idea Types of Consumer Products Convenience Products A relatively inexpensive item that merits little shopping effort Shopping Products A product that requires comparison shopping because it is usually more expensive than  a convenience product and is found in fewer stores Specialty Products A particular item that consumers search extensively for and are very reluctant to accept  substitutes Unsought Products A product unknown to the potential buyer or a known product that the buyer does not  actively seek Product Items, Lines, and Mixes Product item A specific version of a product that can be designated as a distinct offering among an  organization’s product Product Line
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 12

Exam 2 - Exam2 20:41 Ch.8 FourCriteriathatmakeupamarket

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online