MARKETING-W/MINDTAP ACCESS CARD
12th Edition
ISBN: 9781305427198
Author: Lamb
Publisher: CENGAGE L
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Question
Chapter 8, Problem 1LO
Summary Introduction
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.
Expert Solution & Answer
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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