Describe the characteristics of markets and market segments

Describe the characteristics of markets and market segments

Describe the characteristics of markets and market segmentsA market is composed of individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants. Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
A market segment is a group of individuals or organizations with similar product needs as a result of one or more common characteristics.
Explain the importance of market segmentationBefore the 1960s, few businesses targeted specific market segments. Today, segmentation is a crucial marketing strategy for nearly all successful organizations. Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
Market segmentation enables marketers to tailor marketing mixes to meet the needs of particular population segments. Segmentation helps marketers identify consumer needs and preferences, areas of declining demand, and new marketing opportunities.
Discuss criteria for successful market segmentationSuccessful market segmentation depends on four basic criteria: 1) a market segment must be substantial and have enough potential customers to be viable, 2) Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
a market segment must be identifiable and measurable, 3) members of a market segment must be accessible to marketing efforts, and 4) a market segment must respond to particular marketing efforts in a way that distinguishes it from other segments.
Describe the bases commonly used to segment consumer marketsFive bases are commonly used for segmenting consumer markets. Geographic segmentation is based on region, size, density, and climate characteristics. Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
Demographic segmentation is based on age, gender, income level, ethnicity, and family life cycle characteristics. Psychographic segmentation includes personality, motives, and lifestyle characteristics. Benefits sought is a type of segmentation that identifies customers according to the benefits they seek in a product. Finally, usage segmentation divides a market by the amount of product purchased or consumed. Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
Describe the bases for segmenting business marketsBusiness markets can be segmented on two general bases. First, businesses segment markets based on company characteristics, such as customers’ geographic location, Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
type of company, company size, and product use. Second, companies may segment customers based on the buying processes those customers use.
List the steps involved in segmenting marketsSix steps are involved when segmenting markets: 1) selecting a market or product category for study; 2) choosing a basis or bases for segmenting the market; 3) selecting segmentation descriptors; 4) profiling and evaluating segments; 5) selecting target markets; and 6) designing, implementing, and maintaining appropriate marketing mixes. Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
Discuss alternative strategies for selecting target marketsMarketers select target markets using three different strategies: undifferentiated targeting, concentrated targeting, and multi-segment targeting. An undifferentiated targeting strategy assumes that all members of a market have similar needs that can be met with a single marketing mix. A concentrated targeting strategy focuses all marketing efforts on a single market segment. Multi-segment targeting is a strategy that uses two or more marketing mixes to target two or more market segments. Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
Explain how CRM can be used as a targeting toolCompanies that successfully implement CRM tend to customize the goods and services offered to their customers based on data generated through interactions between carefully defined groups of customers and the company. CRM relies on four things to be successful: personalization, time savings, loyalty, and technology. Although mass marketing will probably continue to be used, the advantage of CRM cannot be ignored. Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
Explain how and why firms implement positioning strategies and how product differentiation plays a rolePositioning is used to influence consumer perceptions of a particular brand, product line, or organization in relation to competitors. The term position refers to the place that the offering occupies in consumers’ minds. To establish a unique position, many firms use product differentiation, emphasizing the real or perceived differences between competing offerings. Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
Products may be differentiated on the basis of attribute, price and quality, use or application, product user, product class, or competitor.
TERMS, CONCEPTS AND VOCABULARYbenefit segmentation market segment product differentiationcannibalization market segmentation psychographic segmentationconcentrated targeting strategy Multi-segment targeting strategy repositioning Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
demographic segmentation niche satisficers80/20 principle optimizers segmentation bases (variables)family life cycle (FLC) perceptual mapping target marketgeodemographic segmentationundifferentiated targeting positiongeographic segmentation positioningmarket Usage-rate segmentation Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted

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