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Transcript
TARGET MARKETS AND MARKET SEGMENTATION TARGET MARKET A clearly defined group of consumers that a company selects as the focus of its marketing plan To understand the characteristics To identify its needs and wants To clarify that the marketing mix (4 Ps) is appropriate NEEDS AND WANTS Needs – basic necessities required for life Food, water, shelter, clothing, medical care Wants – things people would like to have – based on personality, experiences Electronics, toys, American Eagle clothing, etc. Companies spend lots of money to learn about their customers’ needs and wants.
