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Students will review:
In this chapter, you'll learn the answers to questions including:
- Why are market segments so important to marketing professionals?
- What are the five marketing segments?
- What four segments are found in business marketing?
- How do business and consumer products differ?
- What processes and strategies are involved in product development?
- How do business marketers develop brands and increase brand equity?
1. Market Segmentation: Why Market Segments Are Important to Marketers
Marketing managers must understand the importance of segmenting a market and the specific criteria for successful segmentation. Before the 1960's, most companies tried to market products to the masses with declining success. It is important to identify key target markets!
2. Market Segmentation: Geographic, Demographic, Psychographic & More
Marketers must be effective at creating niche segments to promote and sell their products or services. There are five specific ways that markets can be segmented in order to create a successful sales opportunity.
3. How to Segment Business Markets Step-by-Step
Discover the four segments of business marketing in this lesson. You will also learn the distinguishing characteristics of each segment so you may easily identify each of them.
4. What is a Business Product: Definition for Marketers
In this lesson, you'll find out the difference between a consumer product and a business product. You will also learn about the different business categories and seven types of business products.
5. Consumer Products: Convenience, Shopping, Specialty & Unsought Products
In this lesson, you will learn the difference between business and consumer products. We will also discuss the different ways they can be classified, which include the areas of convenience, shopping, specialty and unsought.
6. Product Development and Business Growth: Process & Strategies
Product development is an essential part of any company's growth strategy. It allows for growth in sales and market share. This development, though, is a finely tuned process that we will discuss in this lesson.
7. Branding and Brand Equity in Business Marketing
Brand and brand equity go hand-in-hand in the marketing arena. Here, we will discuss how a brand develops and how that leads to increased brand equity.
8. Psychographic Segmentation in Marketing: Definition & Examples
Purchases often relate to lifestyles and interests. In this lesson, you'll learn about psychographic segmentation in marketing and be provided some examples. You'll also have a chance to take a brief quiz after the lesson.
9. Unique Selling Proposition (USP): Examples & Definition
A unique selling proposition is an advertising concept developed in 1961 and is still used today. In this lesson, you'll learn what it is and be provided some examples. A short quiz follows the lesson.
10. Unsought Products: Definition & Examples
If you have ever wondered why life insurance salespeople earn high commissions, it's because they sell unsought products. In this lesson, you'll learn about unsought products and be provided some examples. You'll also have a chance to take a short quiz.
11. What are Market Demographics? - Definition & Overview
A market demographic is a complex slice of the population that is likely to purchase or use a product, and this demographic is the main target of marketing efforts.
12. What is a Market Profile? - Definition & Example
This lesson defines and explores the concept of a market profile. Practical examples are incorporated into the lesson to further your understanding of how market profiles are used in business and economics.
13. What Is a Market Reference Point? - Definition & Examples
Explore the concept of a market reference point. This lesson will define a market reference point and give practical examples of how the term is used.
14. What Is a Portfolio Matrix in Marketing? - Definition & Model
Have you heard of a portfolio matrix? It's a marketing tool used to decide which products are worth keeping and which should be terminated. In this lesson, we'll learn how to create and use a portfolio matrix.
15. What Is Product Placement? - Definition, History & Examples
If you've ever watched a movie or seen a television show, you have almost certainly been exposed to product placement. In this lesson, you'll learn what product placement is, explore a little bit of its history and be provided some historical examples.
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Other chapters within the Principles of Marketing: Help and Review course
- Marketing Philosophies and Ethics: Help and Review
- Competitive Advantage: Help and Review
- The Marketing Environment: Help and Review
- International Marketplace: Help and Review
- Consumer Decision Making: Help and Review
- Business Marketing and Marketing Research: Help and Review
- Managing a Product and Retailing: Help and Review
- Overview of Global Logistics & Distribution
- Services Marketing: Tutoring Solution
- Promotion, Advertising and Public Relations: Help and Review
- Selling and Pricing Strategy: Help and Review
- Marketing & Promotion
- Small Business Marketing Strategies
- The Ethics of Advertising, Marketing & Privacy