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10 Cards in this Set
- Front
- Back
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market
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a market consists of people with needs to satisfy, money to spend, and the willingness to spend it.
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market segment
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a group of consumers or organizations that share similar needs and wants, buying preferences, or product-use behavior.
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target market
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refers to a market segment at which a firm directs a marketing program and creates a specific marketing mix.
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does one size fit all in marketing?
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NO
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3 bases for segmenting consumer markets:
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1. behavioral
2. geographic 3. demographic |
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target market strategies
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aggregation
single-segment multiple-segment combined |
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single segment (target market strategy)
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marketing one group. known as the concentration strategy "niche marketing."
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multiple segment (target market strategy)
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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.
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aggregation strategy (target market strategy)
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known as a mass-market strategy (everyone is the same/production oriented.)
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combined strategy (target market strategy)
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aim the marketing efforts at two or more sub-markets with the same marketing mix.
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