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3 Cards in this Set
- Front
- Back
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Characteristics of Markets and Market Segments
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A market is composed of individuals or organizations that have both the ability and willingness to make purchases to fulfill their needs or wants.
A market segment is a group of individuals or organizations with similar product needs as result of one or more common characteristics |
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Importance of Market Segmentation
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- Before the 1960's few businesses targeted specific market segments
- Today, segmentation is a crucial marketing strategy for nearly all successful organizations - Market Segmentation enables marketers to tailor marketing mixes to meet the needs of particular population segments. - Segmentation helps marketers identify consumer needs and preferences, areas o declining demand and new marketing opportunities |
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Successful Market Segmentation
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Four basic criteria:
Market segment must 1) be substantial and have enough potential customers to be viable 2) be identifiable and measurable 3) be able to access the marketing efforts 4) respond to particular marketing efforts in a way that distinguishes it from other segments |
