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Chapter 3-4 - Principles of Marketing(MKT310020 Dr Rogol...

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Principles of Marketing (MKT310020) Dr. Rogol MWF 10-1050) Lynda Wenrich February 11-21 Chapter 3 Marketing- a group of potential customers w/similar needs & sellers offering various products ex: Automobile market, to have a car & sellers to sell it a) product market- a market w/very similar needs & sellers offer close substitutes Ex: automobile market, competitors are also selling a similar automobile (substitutes are similar physically or conceptually) Ex: candy bars to sweet tarts, gummies, etc. b) generic market- a market w/broadly similar needs & sellers offer diverse ways of satisfying those needs Ex: automobile market, car to a bicycle, motorcycle, walking (substitutes differ physically &/or conceptually) Ex: candy bars to crackers, chips, etc. Market Segmentation- processes by which we identify marketing segments a) market segment- a grouped of relatively homogeneous sub-markets (segments) w/in a large market b) all target markets are market segments but not all market segments are target markets ex: automobile industry, safety of the vehicle, fuel efficiencies, performance; Then decide which one to peruse; they than become your target market 4 Criteria for Market Segments 1) Homogenous w/in 2) Heterogeneous between 3) Substantial- large enough to be profitable 4) Operational- dimensions used to segment should be useful Segmentation Strategies 1)
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