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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, group, 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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market segmentation on the bases if 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 percent of all customers generate 80 percent 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 marking 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 customer' 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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