Details Title: AUM MKTG 3310D - CH 7 Description: Chapter 7 Total Flash Cards: 33 Created: 09/03/2008 22:01:27		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term Marketing fragmentation Definition The creating of many consumer groups due to a diversity of distinct needs and wants in modern society. Term Target marketing strategy Definition Dividing the total market into different segments on the basis of customer characteristics, selection one or more segments, and developing products to meet the needs of those specific segments. Term Segmentation Definition The process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics. Term Segmentation variables Definition Dimensions that divide the total market into fairly homogeneous groups, each eithe different needs and preferences. Term Generation Y Definition The group of consumers born between 1977 and 1994. Term Demographics Definition Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure. Term Generational marketing Definition Marketing to members of a generation, who tends to share the same outlook and priorities. Term Generation X Definition The group of consumers born between 1965 and 1976. Term Baby boomers Definition The segments of people born between 1946 and 1964. Term Geodemography Definition A sementation technique that combines geography with demograhics. Term Geocoding Definition Customizing Web advertising so that people who log in difference places will see ad banners for local businesses. Term VALS (Values and Lifestyles) Definition A psychographic systerm that divides the entire U.S. population into eight segments. Term Behavioral segmentation Definition A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good service. Term 80/20 rule Definition A marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product's sales. Term Long tail Definition A new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want, provided they sell enough different items. Term Usage occasions Definition An indicator used in one type of market segmentation based on when consumers use a product most. Term Targeting Definition A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they they will invest resources to try to turn them into customers. Term Target market Definition The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts. Term Segment profile Definition A description of the "typical" customer in a segment. Term Undifferentiated targeting strategy Definition Appealing to a broad spectrum of people. Term Differntiated targeting strategy Definition Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace. Term Concentrated targeting strategy Definition Focusing a firm's efforts on offering one or more products to a single segment. Term Custom marketing strategy Definition An approach that tailors specific products and the messages about them to individual customers. Term Mass customization Definition An approach that modifies a basic good or service to meet the needs of an individual. Term Positioning Definition Developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition. Term Repositioning Definition Redoing a product's position to respond to marketplace changes. Term Retro brand Definition A once-popular brand that has been revivde to experience a popularity comeback, often by riding a wave of nostalgia. Term Brand personality Definition A distinctive image that captures a good's or service's character and benefits. Term Perceptual map Definition A vivid way to construct a picture of where porducts or brands are "located" in consumers' minds. Term Customer relationship manamgement (CRM) Definition A philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back. A philosophy that sees marketing as a process of building long-term relationships. Tailing or each individual's unique wants and needs. Term Share of customer Definition The percentage of an individual customer's purchase of a product that is a single brand. Term Lifetime value of a customer Definition The potential profit generated by a single customer's purchase of a girm's products over the customer's lifetime. Term Customer equity Definition The financial value of a customer relationship thorughout the lifetime of the relationship.