Marketing Notes: Business Notes | California State University, Northridge

University:
California State University, Northridge
Course:
MKT 304 | Marketing Management
Academic year:

2023
Views:

253

Pages:

2
Author:

Mahmoud M.

Marketing notes Business Notes New Business Divisions and Ideas • Recommended rappers and hip-hop stars. Competitive Trends • Signed an agreement to be the same supplier with the NBA and NFL. • Segments: Teens make up 32% of sales Women's sales are higher than men's More than 62% of sneakers purchases under $62 Running shoes #1 seller Casual styles have a strong fashion component why business? • A company segmented its business to better serve the needs of a group of buyers, thus increasing sales and profits. • Nonprofits serve the customers they work to meet the needs of these while achieving the organization's goals. What does Market Segmentation Mean? • Market Segmentation: Divide buyers into groups with their needs and will respond to marketing in a similar way. Identify business needs for the organization's business plan. Demand determination process (benefits, price, etc.) segmentation and positioning Marketing price, promotion, location). • Market Segmentation: Potential buyer groups result from market segmentation. • Product Differentiation: The concept of using various marketing mixes, such as product features and advertising, to help customers perceive the product as different and better than competing products. SEGMENTATION: LINKING NEEDS WITH ACTIONS • Marketing Segmentation begins by identifying the importance of serving groups of people or organizations in the market based on similarities in the needs and values they look for when purchasing a. • Such needs and benefits must be related to the specific business being offered to the organization. How Reebok's Segmentation Strategy Was Developed Using the Market-Product Grid • Market-Product Grid: A framework for market integration with the company's products or marketing campaigns. When to Segment a Market • A company will experience difficulty and expense in segmenting the market in the hope that this will increase sales, profits and return on investment.