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27 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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Satisficers
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Business customers who place an oder with the first families supplied to satisfy product and delivery requirements
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Optimizers
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Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one
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Target market
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A group of people or organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
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Undifferentiated targeting strategy
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A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
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Concentrated targeting strategy
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A strategy used to select one segment of a market for targeting marketing efforts
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niche
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One segment of a market
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Multisegment targeting strategy
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A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
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Cannibalization
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A situation that occurs when sales of a new product cut into sales of a firm's existing products
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One-to-one marketing
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An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer
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Positioning
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Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
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Position
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The place a product, brand, or group of products occupies in consumers' minds relative to competing offerings
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Product differentiation
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A positioning strategy that some firms use to distinguish their products from those of competitors
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Perceptual mapping
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A means of displaying or graphing, in two of more dimensions, the location of products, brands, or groups of products in customers' minds
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Repositioning
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Changing consumers' perceptions of a brand in relation to competing brands
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Buyer's thought processes are also known as...
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The Black Box
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