ADMS 2200 Lecture Notes - Lecture 5: Micromarketing, Exact Sciences, Geographic Information System

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Alexander Rusetski

Document Summary

Market: composed of people with sufficient purchasing power, authority, and willingness to buy. Many markets include consumers with different lifestyles, backgrounds, and income levels. Consumer products are bought by ultimate consumers for their personal use (smartphones, grocery products, beauty products). Business products are goods and services purchased for use either directly or indirectly in the production of other goods and services for resale (rubber for tires, cotton for cloth). Market segmentation is the division of the total market into smaller, relatively homogeneous groups, practiced by both profit-oriented and not-for-profit organizations. In today"s business world there are too many variables in consumer needs, preferences, and purchase power to attract all consumers with a single marketing mix. Meeting the needs of different market segments can be obtained through several options: Identify the factors that affect purchase decisions and then group consumers according to the presence or absence of these factors.