MKT 220 Lecture 6: Chatper 6
Document Summary
Have the ability to purchase the product. Have the authority to buy products (over 21 to buy alcohol) Markets- a group of people who need and desire a particular product. Consumer market- households who purchase for personal consumption, not profit. Business market- purchase products for: (aka business-to-business, industrial, and organizational) Daily business operations: producer markets- buy products in order to produce goods (factories, manufacturing, We belong to numerous consumer markets farmers: reseller markets- resell the product (retailer or wholesaler, government markets- entity that gets fundraising from the government (wku, military, institutional markets- charities, have non-business and non-profit oriented goals. Target market selection process (private schools: identity the appropriate targeting strategy. Target market- group of people for which a business creates the marketing mix (product, Price, promotion, place) to specifically satisfy the needs of the group members. Undifferentiated strategy: defines an entire market for a particular product as the target market- homogenous market designs a single marketing mix.
