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27 Cards in this Set

  • Front
  • Back
any individual,group of individuals, or organizations willing,able and capable of purchasing a firms product
Heterogeneous Demand
Occurs when a group of consumers have differeing needs from a specific product
Market Segmentation
Is the separation of markets into distinctive groups based on some similar trait or traits
Market Segment
Is a group of consumers that are alike based on some characteristic
Target Market
Is the specific group of customers toward which a frim directs its marketing efforts
Target Marketing
Is the process of matchin a speacilzed marketing mix to the needs of specific market segment
Is a relatively small market segment
Niche Marketing
is the process of targeting a small market segment with a specific, speacialized marketing mix
Are very small market segments such as zip code areas or even neighborhoods
Is the process of targeting small, narrowly defined market segmetns such as sip codes or even neighborhoods
Undifferentiated Targeting Startegy
Is the targeting strategy where one marketing mix strategy is used for all members of the total market
Concentrated strategy
Is the target-marketing strategy where only one marketing mix is developed and directed toward one market segment
Differentiated Strategy
Is the target marketing strategy where a firm develops different marketing mix plans specially tailored for each market segment
Demographic Segmentation
the division of groups of consumesr into segments based on demographics characteristics such as age,income,gender, ethinic background ,and occupation
Family life cyle(FLC)
A segmentation variable that incorporates income and lifestyle to explain differences in spending patterns based on family role and transitions among roles
Geographic Segmentation
Is the division of groups of consumers into segments based on where those consumers live
the combination of demographic and geographic segmentation
Psychographic segmentation
is the segmentation of markets by social class,lifestyles,and psychological characteristics,such as attitudes,interest,opinions, and values
Benefits-sought segmentation
is the segmentation of markets based on consumer preference for a specific product attribute or characteristic
Situation Segmentation
Is segmentation of markets based on purchase situation or occasion
Behavior or usage segmentation
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
80/20 principal
Stats that about 20% of a firm's customers are responsible for generating 80% of firms revenue
data mining
technique of exploring data for patterns
Is a detailed picture of a market segment based on mulitple segmentation descriptors
Is the image that customers have abotu a product, especially in relation to the products competitors
effective positioning
mean determing 1)what consumers currently think about the product, 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
perceptual map
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