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Ch. 8 Concepts

TermDefinition
Characteristics of Markets is composed of individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants
Characteristics of Market Segments is a group of individuals or organizations with similar product needs as a result of one or more common characteristics
Importance of Market Segmentation crucial marketing strategy for all successful organizations.Enables marketers to tailor marketing mixes to meet the needs of particular popt. segments.Helps marketers identify consumer needs&preferences, areas of declining demand&new marketing opport.
Criteria for Successful Market Segmentation (1) be substantial and have enough potential customers to be viable (2) be identifiable and measurable (3) members must be accessible to marketing efforts;and (4) respond to particular marketing efforts in a way that distinguishes it from other segments
Created by: gwd220 on 2013-03-25



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