MKC1200 Lecture Notes - Lecture 5: Marketing Mix, Psychographic, Brand Loyalty
31 Oct 2018
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Document Summary
Market a group of people, who, as individuals or as org have need for products and have the ability, willingness and authority to purchase them. Market segment individuals, groups or orgs with one or more similar characteristics that cause them to have similar product needs. Segmentation the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs. This is appropriate for heterogeneous markets where there are diverse needs and wants for products. Target market selection process: identify the appropriate targeting strategy. Characteristics of individuals, groups or organisations used to divide a market into segments.
