Chapter 4

Chapter 4 - Chapter 4 MARKET group of potential customers...

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Chapter 4 MARKET : group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services Segmentation and targeting o Defining generic markets and product markets Generic market: market with broadly similar needs and sellers offering various, often diverse , ways of satisfying those needs Sometimes hard to understand because quite different product types may compete with one another Ex. Entertainment market Cruise lines may be competing with media such as DVRs and movies Product market : market with very similar needs and sellers offering various close substitute ways of satisfying those needs What : product type (type of good or service) To meet what : customer needs For whom : customer types Where : geographic area o Understanding types of dimensions used to segment markets Market segmentation : two step process of (1) naming broad product markets and (2) segmenting those in order to select target markets and develop suitable marketing mixes
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Chapter 4 - Chapter 4 MARKET group of potential customers...

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