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25 Cards in this Set

  • Front
  • Back
Market
People or organizations with needs or wants and the ability and willingness to buy.
Market Segment
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
Market Segmentation
The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.
Segmentation bases (variables)
Characteristics of individuals, groups. or organizations.
Geographic Segmentation
Segmenting markets by region of a country or the world, market size, market density, or climate.
Demographic Segmentation
Segmenting markets by age, gender, income, ethnic background, and famil life cycles.
Family Life Cycle (FLC)
A series of stages determined by a combination of age, martial status, and the presence or absence of children.
Psychographic Segmentation
Market segmentation on the basis of personality, motives, lifestyles, and geodemographics.
Geodemographic Segmentation
Segmenting potential customer into neighborhood lifestyle categories.
Benefit Segmentation
The process of grouping customers into market segments according to the benefits they seek from the product.
Usage-Rate Segmentation
Dividing a market by the amount of product bought or consumed.
80/20 Principle
A principle holding that 20 percent of all customers generate 80 percent of the demand.
Satisficers
Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements.
Optimizers
Business customers who consider numerous suppliers , both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one.
Target Market
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.
Undifferentiated Targeting Strategy
A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix.
Concentrated Targeting Strategy
A strategy used to select one segment of a market for targeting marketing efforts.
Niche
One segment of a market.
Multisegment Targeting Strategy
A strategy that chooses two or more well-defined marketing segments and develops a distinct marketing mix for each.
Cannibalization
A situation that occurs when sales of a new product cut into sales of a firm's existing products.
One-To-One Marketing
An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer.
Positioning
Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general.
Product Differentiation
A positioning strategy that some firms use to distinguish their products from those of competitors.
Perceptual Mapping
A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds.
Repositioning
Changing consumers' perceptions of a brand in relation to competing brands.