BUSI 2204 Lecture 8: MKTG- Chapter 8
14 Dec 2017
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Document Summary
People or organizations with needs or wants and the ability and willingness to buy. A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. Segmenting markets by region of a country or the world, market size, market density, or climate. Segmenting markets by age, gender, income, ethnic background, and family life cycle. A series of stages determined by a combination of age, marital status, and the presence or absence of children. Market segmentation on the basis of personality, motives, lifestyles, and geodemographic categories. The process of grouping customers into market segments according to the benefits they seek from the product. Dividing a market by the amount of product bought or consumed. A principle holding that 20 percent of all customers generate 80 percent of the demand.
