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10 Cards in this Set

  • Front
  • Back
a market consists of people with needs to satisfy, money to spend, and the willingness to spend it.
market segment
a group of consumers or organizations that share similar needs and wants, buying preferences, or product-use behavior.
target market
refers to a market segment at which a firm directs a marketing program and creates a specific marketing mix.
does one size fit all in marketing?
3 bases for segmenting consumer markets:
1. behavioral
2. geographic
3. demographic
target market strategies
single segment (target market strategy)
marketing one group. known as the concentration strategy "niche marketing."
multiple segment (target market strategy)
multiple groups. 2 or more different groups of potential customers are identified as target markets then a separate marketing mix is developed to reach each target segment seller; will develop a different version of the product.
aggregation strategy (target market strategy)
known as a mass-market strategy (everyone is the same/production oriented.)
combined strategy (target market strategy)
aim the marketing efforts at two or more sub-markets with the same marketing mix.