Principles of Marketing
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| Market | an aggregate of people who, as individuals or organizations, have needs for products in a product class and who have the ability, willingness and authority to purchase such products | |
| Two Types of Markets | 1. consumer 2. industrial/business | |
| Consumer Market | people who intend to use or consume the product | |
| Industrial/Business Market | people or businesses who intend to use the product in their business operation | |
| Mass Marketing | a.k.a. total marketing; marketing to everyone (no segmentation) | |
| Segmentation | split population into segments according to common needs of members in each group | |
| Targeting | evaluating various segments and selecting the one that has potential to respond to marketing efforts | |
| Positioning | creating a certain image in the minds of consumers | |
| 4 Variables for Segmentation | 1. demographic 2. geographic 3. psychographic 4. behavioralistic | |
| City Size (Geographic Variable) | total number of people who live in a certain city | |
| Market Density (Geographic Variable) | number of potential customers that live in a certain city | |
| 4 Conditions for Effective Segmentation | 1. consumer needs for product must be heterogenous 2. segment must be identifiable and divisible 3. at least 1 segment must have profit potential 4. the company must be able to reach the segment | |
| 3 Segmentation Strategies | 1. undifferentiated/mass mktg/total mktg 2. concentrated 3. differentiated/multi-segment | |
| Undifferentiated Strategy | target everyone (no segmentation) | |
| Concentrated Strategy | target 1 segment | |
| Differentiated Strategy | target more than 1 segment |
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