chapter 4

chapter 4 - Marketing Chapter 4 Focusing Marketing Strategy...

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Marketing Chapter 4 Focusing Marketing Strategy with Segmentation and Positioning Searching for Opportunities - Should be a narrowing down process - Market: a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services. - Generic Market: a market with broadly similar needs, and sellers offering various, often diverse, ways of satisfying those needs. o Looks at the market from a customer POV - Product Market: a market with very similar needs and sellers offering various close substitute ways of satisfying those needs. - The market search shouldn’t be too broad, but not too narrow either. Defining markets - A complete product-market definition includes a four-part description o What: product type (type of good/service o To meet what: customer/user needs o For whom: customer types (the final user of the product, not retailers) o Where: geographic area - Defining your market sets limits for the market you are trying to compete in. -
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chapter 4 - Marketing Chapter 4 Focusing Marketing Strategy...

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