Notes Day 5 - Notes Day 5 Chapter 7 Segmenting&Targeting...

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Notes Day 5, Feb 11, 08 Chapter 7 Segmenting &Targeting Markets 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
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