MKT 3401 : Study Guide - Ch. 4 Answers
Document Summary
Market segmentation is the process of dividing a market into distinct subsets, where any subset may conceivably be selected as a marketing target to be reached with a distinct marketing mix (the 4 p"s ). Different products; we may need to advertise to them differently; we may price our offering differently; and we might consider different distribution outlets. If you try to please everyone in your market, you"ll end up pleasing nobody. External environment social, demographic, economic (purchasing power, recession), Consider things like characteristics of customers: age; location; gender; income; education; occupation; ethnicity; benefits sought; and purchasing behavior. Unless marketing managers understand the external environment, the firm cannot intelligently plan for the future. Thus, many organizations assemble a team of specialists to continually collect and evaluate environmental information, a process called environmental scanning. The goal in gathering the environmental data is to identify future market opportunities and threats.
