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Market identification

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Terms in this set (23)

Market identification

is a strategic marketing method and procedure that aims to define the product's specific buyer.

Market segmentation

is an entrepreneurial marketing strategy designed primarily to divide the market into small segments with distinct needs, characteristics, or behavior (Kotler & Armstrong, 2014).

Geographic segmentation

divides the whole market in the Philippines into geographical places such as provincial regions, cities, provinces, municipalities, and even barangay levels.

Demographic segmentation

divides the market based on the demographic variable of the consumers.

Psychological Segmentation

The market is separated into psychological segments based on what customers perceive and believe.