To discuss: The characteristics of market segments and markets.
The segmentation of market in respect to similar, identical, or groups are termed as market segmentation.
Explanation of Solution
The characteristics of market segments and markets:
Market refers to the different things to various people. There are various types of markets like stock market, super market, fish market, flea market and labor market. These markets will have their characteristics. The market is composed of consumer markets that is people and business market that is organization.
The needs and wants of these people can be satisfied by the specific product category. They have the capacity to purchase the products they want. They are ready for the exchange of products with credit or money.
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Chapter 8 Solutions
MARKETING-W/MINDTAP ACCESS CARD
- Describe the characteristics of businessto-business markets and business-to-business market demand and how marketers classify business-to-business customers.arrow_forwardHow do marketers identify the Most Valuable Customers and understand their Needs?arrow_forwardList and explain the basis for segmenting a consumer market and business market ?arrow_forward
- Outline the implementation of the marketing mix as a means to increase customer value.arrow_forwardExplain how is Market segmentation different for business to business market and business to customer markets ?arrow_forwardBusiness markets have several characteristics that differ from the consumer market. Distinguish these different characteristics?arrow_forward
- Explain the importance of understanding the market-place and customers and identify the five core market-place concepts.arrow_forwardDescribe the process of market segmentationarrow_forwardHow is market segmentation different for business-to-business markets and business-to-customer markets?arrow_forward
Contemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning