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15 Cards in this Set
- Front
- Back
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market
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people or organizations with needs or wants and the ability and willingness to buy
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market segment
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a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
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market segmentation
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the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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segmentation bases (variables)
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characteristics of individuals, groups, or organizations
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geographic segmentation
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segmenting markets by region of a country or the world, market size, market density, or climate
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demographic segmentation
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segmenting markets by age, gender, income, ethnic background, and family life cycle
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family life cycle (FLC)
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a series of stages determined by a combination of age, marital status, and the presence or absence of children
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psychographic segmentation
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market segmentation on the basis of personality, motives, lifestyles, and geodemographics
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geodemographic segmentation
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segmenting potential customers into neighborhood lifestyle categories
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benefit segmentation
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the process of grouping customers into market segments according to the benefits they seek from the product
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usage-rate segmentation
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dividing a market by the amount of product bought or consumed
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80/20 principle
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a principle holding that 20 percent of all customers generate 80 percent of the demand
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three reasons marketers segment markets
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1. enables marketers to identify groups with similar wants and needs
2. helps marketers match mixes with the characteristics of the group 3. consistent with satisfying wants and needs and meeting organization objectives |
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four basic criteria for segmentation
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1. substantiality
2. identifiability and measurability 3. accessibility 4. responsiveness |
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4 reasons to use regional approach to marketing
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1. find new ways to generate sales because of slow markets
2. computerized checkouts give best selling brands region by region 3. introduce regional brands for local preferences 4. allows regional brands to react more quickly to competition |
