COMMERCE 2MA3 Study Guide - Final Guide: Micromarketing, Market Segmentation, Business Intelligence
1 May 2016
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Market: group of people with sufficient purchasing power, authority, and willingness to buy. Target market: a group of people to whom a firm decides to direct its marketing efforts and ultimately its goods and services. Marketers can develop more effective marketing strategies if they determine a target market. Consumer products: products bought by ultimate consumers for personal use. Business products: goods and services purchased for use either directly or indirectly in the production of other goods and services for resale. A single product can be both types of products (ex. , tires can be bought for personal car or by auto dealership) Market segmentation: division of the total market into smaller, relatively homogenous groups. Meeting the needs of different market segments can be obtained through several options: Identify the factors that affect purchase decisions then group consumers according to these factors. Adjust marketing strategies to meet the needs of each group. Segment must have measureable size and purchasing power.
