Notes Day 5 - Notes Day 5, Feb 11, 08 Chapter 7 Segmenting...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Notes Day 5, Feb 11, 08 Chapter 7 LO’s: Characteristics of Market and Market Segments, the importance of market segmentation, the criteria for successful segmentation, and the bases commonly used to segment consumer markets. Market Segmentation Market: people or organizations with needs or wants and with the ability and the willingness to buy. A group of people that lacks any one of these characteristics is not a market. Market segment: a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Market Segmentation: the process of dividing a market into meaningful, relatively similar, identifiable segments or groups. It is critical that the defined segments are meaningful and that you don’t try to market too many different products to the same segments. Fully segmented- not common, but basically one-to-one marketing. Market segmentation by gender- less common as we move away from standard roles; at the same time, another group, transgender, is becoming more prevalent. Market segmentation by age group- can do smaller and smaller groups, perhaps to the point of over-segmenting. Market segmentation by gender and age group The Importance of Market Segmentation Markets have a variety of product needs and preferences Marketers can better define customer needs Decision makers can define objectives and allocate resources more accurately What keeps the economy going is consumer spending. As consumers, we can
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Notes Day 5 - Notes Day 5, Feb 11, 08 Chapter 7 Segmenting...

This preview shows document pages 1 - 2. Sign up to view the full document.

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