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Chapter 4
MKT 320F chapter 4
16
Marketing
Undergraduate 2
02/09/2014

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Term
Market-
Definition
is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services
Term
Generic market-
Definition
is a market with broadly similar needs and sellers offering various, often divers, ways of satisfying those needs
Term
Product market-
Definition
is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs
Term
Market segmentation-
Definition
is a two-step process of naming broad product-markets and segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes
Term
Segmenting-
Definition
as an aggregating process clustering people with similar needs into a market segmentation
Term
Market segment –
Definition
is a homogeneous group of customers who will respond to a marketing mix in a similar way
Term
Single target market approach-
Definition
segmenting the market and picking one of the homogeneous segments as the frim’s target market
Term
Multiple target market approach-
Definition
segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix.
Term
Combined target market approach-
Definition
combining two or more submarkets into one larger target market as a basis for one strategy
Term
Combiners-
Definition
try to increase the size of their target markets by combining two or more segments
Term
Segmenters-
Definition
aim at one or more homogeneous segments and try to develop a different marketing mix for each segment
Term
Qualifying dimensions-
Definition
are those relevant to including a customer type in a product market
Term
Determining dimensions-
Definition
are those that actually affect the customer’s purchase of a specific product or brand in a product market
Term
Clustering techniques-
Definition
try to find similar patterns within sets of data
Term
Customer relationship management-
Definition
the seller fine-tunes the marketing effort with information from a detailed customer database
Term
Positioning-
Definition
refers to how customers think about proposed or present brands in a market
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