What Is a Market Segment? How Does a Marketing Manager

question 99

Essay

What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?

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Definitions:

Market Supply

The total quantity of a good or service that sellers are willing and able to sell at a given price over a specific period.

Elasticity

Elasticity refers to the measure of how much the quantity demanded or supplied of a good changes in response to a change in price.

Normal Good

A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.

Income Elasticity

A measure of how the demand for a good or service changes in response to changes in consumer income, indicating whether a good is a luxury or a necessity.