Marketing Management Verified Solutions
Consumer Markets Purchasers and household members who intend to consume or benefit from
purchased products and do not buy products to make profits
Business Markets Individuals or groups that purchase a specific kind of product for resale, direct use
i...
Marketing Management Verified Solutions
Consumer Markets ✅Purchasers and household members who intend to consume or benefit from
purchased products and do not buy products to make profits
Business Markets ✅Individuals or groups that purchase a specific kind of product for resale, direct use
in producing other products or use in general daily operations
Market segment ✅Individuals, groups, or organizations with one or more similar characteristics that
cause them to have similar product needs
Market segmentation ✅The process of dividing a total market into groups with relatively similar
product needs to design a marketing mix that matches those needs
Homogeneous market ✅customers having similar needs for a product
Undifferentiated targeting strategy ✅a single marketing mix directed at the entire market
Heterogeneous market ✅individuals or organizations with diverse needs for products in the same class
Concentrated targeting strategy ✅targeting a single market segment using one marketing mix
Undifferentiated targeting strategy ✅a single marketing mix directed at the entire market
Target-Market Selection Process ✅Step 1: Identify the Appropriate Targeting Strategy
Step 2: Determine Which Segmentation Variables to Use
Step 3: Develop Market Segment Profiles
Step 4: Evaluate Relevant Market Segments
Step 5: Select Specific Target Markets
, Segmentation variables ✅Characteristics of individuals, groups, or organizations used to divide a market
into segments
Values, Attitudes & Lifestyles (VALS) ✅Classifies consumers based on psychological characteristics that
are correlated with purchase behavior and key demographics
Behavioristic Variables ✅1. Usage Rates
2. Benefits Sought
3. Usage or Application Type
Benefit Segmentation ✅The division of a market according to benefits that consumers want from the
product
Business Segmentation Variables ✅1. Geographic Location
2. Product Use
3. Type of Organization
4. Customer Size
Market Segment Profiles ✅Describes the similarities among potential customers within a segment and
explains the differences among people and organizations in different segments
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