FM 117 Chapter Notes - Chapter 8-9: Market Segmentation, Marketing Mix, Target Market

• School: FIT
• Department: Fashion Business Management
• Course: FM 117
• Professor: Joelle Williams

Document Summary

Nearly all markets include groups of people or organizations with different product needs and preferences: helps marketers define customer needs and wants more precisely, criteria for successful segmentation, marketers segment markets for 3 important reasons a. i. Segmentation enables marketers to identify groups of customers with similar needs and to analyze the characteristics and buying behaviors of these groups a. ii. Provides marketers with information to help them design marketing mixes specifically matched with the characteristics and desires of on or more segments. a. iii. Segmentation is consisted with the marketing concept of satisfying customer wants and needs while meeting the organization"s objectives: segmentation scheme 4 basic criteria: b. i. Sustainability: a segment must be large enough to warrant developing and maintaining a special marketing mix. Needs potential customers to make commercial sense b. ii. Identifiability & measurability: segments must be identifiable and their size measurable.