Ch. 8 Concepts
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Characteristics of Markets | is composed of individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants
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| Characteristics of Market Segments | is a group of individuals or organizations with similar product needs as a result of one or more common characteristics
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| 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.
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| 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
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