MKTG ch 7

Consumer market - purchasers and household members who intend to consume or benefit from purchases products and do not buy products to make profits

business mkt - indi or groups that purchase a specific kind of product for resale, use in producing, or use in general daily operations

Target Market selection Process

1. Identify the appropriate targeting strat
   
2. determine which segmentation variables to use
   
3. Develop market segment profiles
   
4. evaluate relevant market segments
   
5. select specific target markets
   

homo market - everyone has similar needs

hetero mkt - diverse product needs

market segmentation - divide mkt into groups w/ similar needs

need these conditions for MS to work: 

1. hetero mkt - need to seperate
2. segments are identifiable and divisible 
3. total mkt should be divided into segments with numbers and stats for each to assume how much you will make from each segment 
4. at least one segment needs to have justifiable profit to justify segmentation
5. must be able to reach the segments w/ MMs

mkt segment - in group or o w one or more similar characteristics that cause simlar product needs

differentiated targeting strat- O targets 2 or more segments by developing multiple MMs 

segmentation variables - characteristics used to divide into segments ie/ ASL

1. Demographic - ASL
2. Physchographic - motives, personality, lifestyle - ie health
3. geographic - region, climate, terrain, country size , urban v rural, market density 
4. behavioristic - brand loyalty, price sensitiviy volume usage

Geodemographic segmentation - clusters zip codes and smaller units based on lifestyle and demographics

micromarketing an approach to MS in which O focus precise mktg efforts of very small geographic markets

benefit segmentati on- the division of a mkt according to benefits Cs want from product

MKT potential - p 155

Company sales potential 

breakdown approach 

buildup approach 

sales forecast

exec judgenment

C forecasting survey 

sales force forecasting survey 

expert forecasting survey 

Delphi tequnique

time series analysis

trend analysis

cycle analysis

seasonal analysis 

random factor analysis

regression analysis

market test