MCOM 214 Chapter Notes - Chapter 4: Target Market, North American Industry Classification System, Sales Promotion
30 Sep 2016
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Document Summary
Utility: a product"s ability to satisfy both functional needs and symbolic or psychological wants. A product"s problem-solving potential may include form, task, possession, time, or place utility. The ultimate purpose of marketing is to create exchanges that satisfy the perceived needs and wants of individuals and organizations. Exchange: the trading of one thing of value for another thing of value. Target market: the market segment or group within the market segment toward which all marketing activities will be directed. Target audience: the specific group of individuals to whom the advertising message is directed. *the goal is to find that particular niche or space in the market where the advertiser"s product or service will fit. Behavioristic segmentation: method of segmenting consumers based on the benefits being sought. Users status: six categories into which consumers can be placed, which reflect varying degrees of loyalty to certain brands and products.
