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26 Cards in this Set
- Front
- Back
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People or organizations with needs or wants and the ability and willingness to buy.
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Market
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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 Segment
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The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.
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Market Segmentation
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Characteristics of individuals, groups, or organizations.
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Segmentation Bases (Variables)
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Segmenting markets by region of a country or the world, market size, market density, or climate.
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Geographic Segmentation
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Segmenting markets by age, gender, income, ethnic background, and family life cycle.
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Demographic Segmentation
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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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Family Life Cycle (FLC)
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Marketing segmentation on the basis of personality, motives, lifestyles, and geodemographics.
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Psychographic Segmentation
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Segmenting potential customers into neighborhood lifestyle categories.
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Geodemographic 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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Benefit Segmentation
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Dividing a market by the amount of product bought or consumed.
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Usage-rate Segmentation
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A principle holding that 20% of all customers generate 80% of the demand.
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80/20 Principle
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Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements.
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Satisficers
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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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Optimizers
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A group of people or organizations for which an 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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Target Market
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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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Undifferentiated Targeting Strategy
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A strategy used to select one segment of a market for targeting marketing efforts.
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Concentrated Targeting Strategy
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One segment of a market.
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Niche
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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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Multisegment Targeting Strategy
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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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Cannibalization
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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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One-to-One Marketing
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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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Positioning
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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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Position
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A positioning strategy that some firms use to distinguish their products from those of competitors.
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Product Differentiation
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A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds.
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Perceptual Mapping
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Changing consumers' perceptions of a brand in relation to competing brands.
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Repositioning
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