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13 Cards in this Set

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What does market segmentation do?
Divides the market into subsets of perspective customers who behave in the same way, have similar wants, or have similar characteristics that relate to purchase behavior.
What is intermarket segmentation?
Well-defined, similar clusters of customers across national boundaries
What does targeting involve?
Selecting which segments in a market are appropriate to focus on and designing the means of reaching them.
When does product differentiation exist?
When a firm's offerings differ or are perceived to differ from those of competing firms on any attribute.
What is mass customization?
An attempt to satisfy the diverse needs of their customers and to provide unique value.
What is measurability?
The degree to which the size and purchasing power of segments can be assessed.
What is accessibility?
The degree to which a firm can reach intended target segments efficiently.
What is substantialness?
The degree to which identified target segments are large enough or have sufficient sales and profit potential to warrant unique or separate marketing programs.
What is durability?
Whether distinctions between segments will diminish or disappear as the product category or the markets themselves mature.
What is differential responsiveness?
The extent to which market segments exhibit different responses to different marketing mixes.
What are the three types of geographics?
1. metropolitan statistical areas
2. primary metropolitan statistical areas
3. consolidated metropolitan statistical areas
What is psychographic/lifesyle research?
Attempts to segment customers according to their activities, interests, and opinions.
What does benefit segmentation do?
Enhances the design and marketing of a product to meet expressed consumer needs for quality, service, or unique features.