MKT 100 Study Guide - Final Guide: North American Industry Classification System, Market Segmentation, Retail

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Explain the ways b2b irms classify and segment their markets. The basic principles behind market segmentaion remains the same for both. Speciically,b2b irms want to divide the market into groups of customers with diferent needs, wants or characterisics and that therefore might appreciate products or services geared especially toward them. On a broad level, b2b irms divide the market into four types: manufacturers or producers, resellers. To assist in their market segmentaion, b2b businesses can use the naics developed by canada, the united states, and mexico, to idenify potenial customers by type and then develop markeing strategies to reach them. Businesses may also segment b2b markets by account size and types of products purchased. Similar to the b2c process, the b2b process consists of several stages: need recogniion, product speciicaion, rfp process, proposal analysis, supplier selecion, order speciicaion, vendor performance assessment using metrics. The b2b process tends to be more formalized and structured than the b2c buying process.