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Chapter 13 - Coggle Diagram
Chapter 13
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Market Segmentation
Psychographic segmentation is the study of a groups values, attitudes, and interest.
Segmentation by age, income, and education level is called demographic segmentation.
Determining which benefits customers prefer and using them to promote a product is called benefit segmentation.
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Environmental Trends
The most important global and technological change is probably the growth of the Internet and mobile marketing.
Another important growth of consumer databases, with which companies can develop products and services that closely match consumers' needs.
Markets
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Relationship marketing tends to lead away from mass production and toward custom-made goods and services. It's focused on their individual customers and their needs.
Consumer/B2B Markets
Customers in business to business markets are relatively few and large. Business to business markets tend to be geographically concentrated, and industrial buyers generally are more rational. Business to business sales tend to be direct, and there is much more emphasis on personal feeling than in consumer markets.
Consumer Decision Making
Factors that influence the consumer decision-making process include learning, reference group, culture, subculture, and cognitive dissonance.