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Define the term “markets” as used in marketing.

April 12, 2022
Christopher R. Teeple

Define the term “markets” as used in marketing.
Describe segmentation and why marketers segment the market. How does market segmentation help companies stay successful?
Describe what is meant by a homogeneous market and identify the targeting strategy used with a homogeneous market. Is this market segmented?
Describe what is meant by a heterogeneous market and identify the targeting strategies used with a heterogeneous market. Is this market segmented?
Focusing on recreational boats, create a market profile for one segment of this product using demographic, geographic, psychographic and behavioralistic variables as described on page 168 of the text. Create at least 5 descriiptions about this target market that separates them from other groups. Many companies identify the market by a name that represents that group. Select a name to describe this group.

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