market segmentation

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8 Terms

1
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define market segmentation

putting customers in categories that have similar characteristics

2
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types of ways that buisness does market segmentation

location of customers

demographically

icome

3
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benefits of market segmentation

products match better to customers needs

helps with new product service

marketing mix is more effective

4
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drawbacks of market segmentation

data can possibly not be reliable,

just because they caught a specific market segment doesnt mean they can reach the customers in it.

5
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define marketing mix

buisnesses uses to help meet customer needs

product

price

place

promotion

6
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define market mapping

positions that products are put in based of how important to customers

7
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advantages of market mapping

spot gaps in market

analyse competitors

8
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disadvantages of market mapping

just because there is a gap doesnt mean there Is demand

no guarnentee of success