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Marketing Study Notes Target Market - to whom will you target the product Developing Starategic Marketing Plan - identify evaluate select the market - when market is selected develop implement a Marketing Program designed to target choosen market Market - people with willingness to purchase and authority to buy Types of Markets CONSUMERR GOODS - products services purchased by consumer for personal use INDUSTRIAL GOODS - products purchased to be used for production of other goods or for resale marketing of Industrial Goods also called - Business to Business Marketing the key to proper classification of goods lies in the purchaser in the reasons for buying the good Market Segmentation - grouping people according to their similarity in one or more dimensions related to a particular product category Market Segmantation age gender geographic location income population mobility etc are vital for marketing strategy 5 basis for segmenting consumer markets 1 Demographic Segmentation 2 Geographic Segmentation 3 Psychographic Segmentation 4 Benefit Segmentation 5 Usage Rate GEOGRAPHIC SEGMENTATION - dividing market into homogeneous groups based on population location used for ages DEMOGRAPHIC SEGMENTATION - dividing market on characteristics such as age gender income easiest PSYCHOGRAPHIC SEGMENTATION - to identify market segments it uses behavioural profiles developed from analyses of the activities opinions interests and lifestyles of consumers BENEFIT SEGMENTATION - depends on advanced marketing research techniques that focus on benefits the consumer expects to derive from a product USAGE RATE - divides the market by amount of product consumed andor brand loyalty Start point in market segmentation - find where your buyers are Geographic People move to bigger populated placed Immigration impacted Canada People are in the cities Canadas population - urban Toronto - Montreal - Vancouver biggest Residence location within geographic area is very important Climate also Geographic segmentation - which sales regions to enter
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