EBK MKTG
12th Edition
ISBN: 9781337671842
Author: Lamb
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 1LO
Summary Introduction
To discuss: The characteristics of market segments and markets.
The segmentation of market in respect to similar, identical, or groups are termed as market segmentation.
Expert Solution & Answer
Explanation of Solution
The characteristics of market segments and markets:
Market refers to the different things to various people. There are various types of markets like stock market, super market, fish market, flea market and labor market. These markets will have their characteristics. The market is composed of consumer markets that is people and business market that is organization.
The needs and wants of these people can be satisfied by the specific product category. They have the capacity to purchase the products they want. They are ready for the exchange of products with credit or money.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Define and explain each type of market along with their respective characteristics. and give suitable examples for each sub division of market.
Discuss in detail the different methods of market segmentation.
Knowledge Booster
Recommended textbooks for you
- Contemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning