Marketing Strategy: Target Marketing and Market Segmentation
Objective 11-3 Explain market segmentation and how it is used in target marketing.
Marketers have long known that products cannot be all things to all people. The emergence of the marketing concept and the recognition of customers’ needs and wants led marketers to think in terms of target markets—the particular groups of people or organizations on which a firm’s marketing efforts are focused. Selecting target markets is usually the first step in the marketing strategy.
Target marketing requires market segmentation, dividing a market into categories of customer types or ...
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