MKTG 301 1st Edition Lecture 13 CONTINUED MKTG CH 8 1 2 Characteristics of a Market Required four for the transaction to occur 1 Willingness to buy 2 Composed of people or org 3 Wants and needs hat can be satisfied by a particular product 4 Willing to exchange Market Segmentation 1 The process of diving a market into meaningful relatively similar identifiable segments or groups 2 3 Universal acceptance willingness Not always a need to buy ex Coke Explain the importance of market segmentation 1 Our combination of four P s that make product worthwhile 2 Markets have a variety of products 3 Marketers can better define customer needs 4 Decision makers can define objectives and allocate resources 1 Promote distribute and price in such a way I get some of it back effectively help segment decisions 4 Effective segmentation 1 5 Must be large enough to justify to create a unique marketing mix Bases Characteristics for Segmentation 1 Geography 2 Demographics 3 Psychographics These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute 6 7 4 Benefits Sought 5 Usage Rate Geographic Segmentation 1 Region of the country or world 2 Market Size 3 Market Density 4 Climate Income Segmentation 1 8 Psychographic Segmentation 1 9 Attitudes lifestyles etc Geo demographic 1 10 Retailers can base segmentation on socio economic status Combines geographic demographic and lifestyle segmentation Usage Rate Segmentation IMPORTANT
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