QMB 3600 Lecture Notes - Lecture 9: Market Segmentation, Marketing Mix, Consumer Privacy

• School: FAU
• Department: Quantitative Methods in Bus
• Course: QMB 3600
• Professor: Schindlbeck Mary

Document Summary

Explain the importance of effective market segmentation. (pg. 192-193) helps firms: define the needs and wants of the customers who are most interested in buying the firm"s products. design specific marketing strategies for the characteristics of specific segments. This allows firms to increase revenues by gaining a much larger share of the market segments they target. decide how to allocate their marketing resources in a way that maximizes profit. Describe the four bases for segmenting markets. (pg. Summarize the elements of international market segmentation. (pg. Global segmentation is used when the firm can identify a group of consumers with common needs and wants that spans the entire globe. Ex: young people, those that have more money to spend, or those with access to the internet. Regional segmentation may be used when the similarity in needs and wants only extends across the region or several countries.