BUSN 70 Lecture Notes - Lecture 21: Productivity Software, Sales Promotion, Firstclass
13 Mar 2021
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Document Summary
Market segmentation = a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs. Market segment = a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires. Women are the largest market segment, with 51% of the u. s. population. Marketers are focusing on the growing hispanic population. Depending on the type of business you work for, other businesses can be your customer. Can sell contracts such as intel, oracle. Microsoft: office suite for businesses and personal use (b2b and b2c) Businesses buy products to resell, use in the production of other products, or for use in operations. While the marketing concepts are the same for both businesses and consumers, there are complexities to the business market that need to be considered. Businesses also tend to buy in larger quantities than consumers and long-term relationships are seen as necessary.
