Marketing Chapter 8

Front 1

Market

Back 1

any individual,group of individuals, or organizations willing,able and capable of purchasing a firms product

Front 2

Heterogeneous Demand

Back 2

Occurs when a group of consumers have differeing needs from a specific product

Front 3

Market Segmentation

Back 3

Is the separation of markets into distinctive groups based on some similar trait or traits

Front 4

Market Segment

Back 4

Is a group of consumers that are alike based on some characteristic

Front 5

Target Market

Back 5

Is the specific group of customers toward which a frim directs its marketing efforts

Front 6

Target Marketing

Back 6

Is the process of matchin a speacilzed marketing mix to the needs of specific market segment

Front 7

Niche

Back 7

Is a relatively small market segment

Front 8

Niche Marketing

Back 8

is the process of targeting a small market segment with a specific, speacialized marketing mix

Front 9

Micromarkets

Back 9

Are very small market segments such as zip code areas or even neighborhoods

Front 10

Micromarketing

Back 10

Is the process of targeting small, narrowly defined market segmetns such as sip codes or even neighborhoods

Front 11

Undifferentiated Targeting Startegy

Back 11

Is the targeting strategy where one marketing mix strategy is used for all members of the total market

Front 12

Concentrated strategy

Back 12

Is the target-marketing strategy where only one marketing mix is developed and directed toward one market segment

Front 13

Differentiated Strategy

Back 13

Is the target marketing strategy where a firm develops different marketing mix plans specially tailored for each market segment

Front 14

Demographic Segmentation

Back 14

the division of groups of consumesr into segments based on demographics characteristics such as age,income,gender, ethinic background ,and occupation

Front 15

Family life cyle(FLC)

Back 15

A segmentation variable that incorporates income and lifestyle to explain differences in spending patterns based on family role and transitions among roles

Front 16

Geographic Segmentation

Back 16

Is the division of groups of consumers into segments based on where those consumers live

Front 17

Geodemographics

Back 17

the combination of demographic and geographic segmentation

Front 18

Psychographic segmentation

Back 18

is the segmentation of markets by social class,lifestyles,and psychological characteristics,such as attitudes,interest,opinions, and values

Front 19

Benefits-sought segmentation

Back 19

is the segmentation of markets based on consumer preference for a specific product attribute or characteristic

Front 20

Situation Segmentation

Back 20

Is segmentation of markets based on purchase situation or occasion

Front 21

Behavior or usage segmentation

Back 21

Is the segmentation of markets based on usuage patterns, such as heavy users, medium users, and light users, or loyalty toward a product, or the way in which a customer uses a product

Front 22

80/20 principal

Back 22

Stats that about 20% of a firm's customers are responsible for generating 80% of firms revenue

Front 23

data mining

Back 23

technique of exploring data for patterns

Front 24

Profile

Back 24

Is a detailed picture of a market segment based on mulitple segmentation descriptors

Front 25

Positioning

Back 25

Is the image that customers have abotu a product, especially in relation to the products competitors

Front 26

effective positioning

Back 26

mean determing 1)what consumers currently think about the product, esp.in relation to competing products 2)what the marketer wants consumers to think about the product, 3)which positionig strategy will elevate consumers current productimage to the desired prodcut image

Front 27

perceptual map

Back 27

commonly used multidimensional scaling method of graphically depicting a prodcuts performane on selected attributes, or the postion of a prodcut against its competetitors on selected product traits