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38 Cards in this Set
- Front
- Back
Market Fragmentation
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the creation of many consumer groups due to a diversity of distinct needs and wants in modern society
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Target Marketing Strategy
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dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments
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Segmentation
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the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics
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Segmentation Variables
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dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences
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Generation Y
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the group of consumers born between 1979 and 1994
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Demographics
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statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
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Generational Marketing
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marketing to members of a generation, who tend to share the same outlook and priorities
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Generation X
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the group of consumers born between 1965 and 1978
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Baby Boomers
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the segment of people born between 1946 and 1964
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Metrosexual
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a straight, urban male who is keenly interested in fashion, home design, gourmet cooking, and personal care
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Cultural Diversity
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a management practice that actively seeks to include people of different sexes, races, ethnic groups, and religions in an organization's employees, customers, suppliers, and distribution
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Geodemography
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a segmentation technique that combines geography with demographics
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Geocoding
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customizing Web advertising so that people who log on in different places will see ad banners for local businesses
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Psychographics
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the use of psychological, sociological, and anthropological factors to construct market segments
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VALS2
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a psychographic system that divides the entire US population into 8 segments
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Behavioral Segmentation
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a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service
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80/20
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a marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product's sales
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Long Tail
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a new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want, provided they sell enough different items
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Usage Occasions
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an indicator used in behavioral market segmentation based on when consumers use a product most
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Targeting
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a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers
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Target Market
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the market segments on which an organization focuses its marketing plan and toward which it directs its marketing
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Segment Profile
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a description of the "typical" customer in a segment
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Undifferentiated Targeting Strategy
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appealing to a broad spectrum of people
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Differentiated Target Strategy
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developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace
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Concentrated Targeting Strategy
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focusing a firm's efforts on offering one or more products to a single segment
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Custom Marketing Strategy
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an approach that tailors specific products and that messages about them to individual customers
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Mass Customization
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an approach that modifies a basic good or service to meet the needs of an individual
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Positioning
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develop a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition
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Repositioning
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redoing a product's position to respond to marketplace changes
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Retro Brand
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a once-popular brand that has been revived to experience a popularity comeback, often by riding a wave of nostalgia
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Brand Personality
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a distinctive image that captures a good's or service's character and benefits
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Perceptual Map
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a technique to visually describe where brands are "located" in consumers' minds relative to competing brands
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Customer Relationship Management (CRM)
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a systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs; CRM allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customers reacts
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Touchpoint
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any point of direct interface between customers and a company (online, by phone, or in person)
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Share of Customer
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the percentage of an individual customer's purchase of a product that is a single brand
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Lifetime Value of a Customer
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the potential profit a single customer's purchase of a firm's products generates over the customer's lifetime
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Customer Equity
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the financial value of a customer relationship throughout the lifetime of the relationship
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Customer Experience Management (CEM)
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the concept of holistically aligning a firm's people, processes, systems, and strategies to maximize the customer's experience with all aspects of your firm and its brands
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