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33 Cards in this Set
- Front
- Back
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Market |
a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services (ways of satisfying needs) |
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generic market |
market with broadly similar needs- and sellers offering various, often diverse, ways of satisfying those needs |
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Product-market |
a market with very similar needs and sellers offering various close substitute ways of satisfying those needs |
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Market Segmentation |
a two step process of 1. naming broad product-markets and 2. segmenting these broad product-markets in order to select target markets and develop suitable mixes |
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Segmenting |
clustering people with similar needs into a "segment market" |
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Market Segment |
a homogeneous group of customers who will respond to a marketing mix in a similar way |
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Single Target Market Approach |
segmenting the market and picking one of the homogeneous segments as the firm's target market |
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Multiple Target Market Approach |
Segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix |
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Combined Target Market Approach |
combining two or more submarkets into one larger target market as a basis for one strategy |
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Combiners |
try to increase the size of their target markets by combining two or more segments |
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Segmenters |
aim at one or more homogeneous segments and try to develop a different marketing mix for each segment |
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Qualifying Dimensions |
those relevant to including a customer type in a product-market |
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Determining Dimensions |
those that actually affect the customer's purchase of a specific product or brand in a product-market |
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Clustering Techniques |
try to find similar patterns within sets of data |
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Customer Relationship Management |
where the seller fine-tunes the marketing effort with information from a detailed customer database |
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Positioning |
refers to how customers think about proposed or present brands in a market
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Economic Buyers |
people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money |
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Economic needs |
concerned with making the best use of a consumer's time and money-- as the consumer judges it |
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Discretionary Income |
what is left of income after paying taxes and paying necessities |
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Needs |
the basic forces that motivate a person to do something |
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wants |
"needs" that are learned during a person's life |
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Drive |
is a strong stimulus that encourages action to reduce a need |
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Physiological Needs |
concerned with biological needs- food, liquid, rest, sex |
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Safety Needs |
concerned with protection and physical well-being |
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Social needs |
concerned with love, friendship, status, and esteem |
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Personal needs |
concerned with an indiviuals need for personal satisfaction |
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Perception |
how we gather and interpret information from the world around us |
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Selective exposure |
our eyes and minds seek out and notice only information that interests us |
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Selective Perception |
we screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs |
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Selective retention |
we remember only what we want to remember |
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Learning |
a change in a person's thought processes cause by prior experience |
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cues |
products, signs, and other stimuli in the environment |
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Response |
is an effort to satisfy a drive |
