Chapter 8. Segmenting & Targeting Markets

A market is composed of individual or organizations that have the ability and willingness to buy. These purchases  fulfill their needs and/or wants. In this chapter we focus our attention toward market segment in which is a group of people or organizers that share one or more characteristics that causes them to have a similar need in a product. In geographic segmentation it categorizes the people by region of the country , market size, market density or climate. In Demographic segmentation it looks ate the age, gender, income, ethnic background and family cycle. Ferrari knows who they will target and who they should more focus on. Everyone gets the attention of their company and the work they have done but not many are financially ready to own one. Ferrari opens their stores and certified dealers in areas of which they know they would attract the right people to sell their product too.