Details Title: Chapter 6 Description: Segmenting and Targeting Markets Total Flash Cards: 24 Created: 09/10/2008 21:55:45		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 market Definition People or organizations with needs or wants and the ability and willingness to buy. Term market segment Definition A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Term market segmentation Definition The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. Term segmentation bases (variables) Definition Characteristics of individuals, groups or organizations. Term geographic segmentation Definition Segmenting markets by region of a country or the world, market size, market density, or climate. Term demographic segmentation Definition Segmenting markets by age, gender, income, ethnic background, and family life cycle. Term psycographic segmentation Definition Market segmentation on the basis of personality, motives, lifestyles, and geodemographics. Term deodemographic segmentation Definition Segmenting potential customers into neighborhood lifestyle categories. Term benefit segmentation Definition The process of grouping customers into market segments according to the benefits they seed from the product. Term usage-rate segmentation Definition Dividing a market by the amount of product bought or consumed. Term 80/20 principle Definition A principle holding that 20 percent of all customers generate 80 percent of the demand. Term satisficers Definition Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements. Term optimizers Definition Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one. Term target market Definition 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. Term undifferentiated targeting strategy Definition Marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix. Term concentrated targeting stragegy Definition A strategy used to select one segment of a market for targeting marketing efforts. Term niche Definition One segment of a market. Term multisegment targeting strategy Definition A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each. Term cannibalization Definition A situation that occurs when sales of a new product cut into sales of a firm's existing products. Term positioning Definition Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general. Term position Definition The place a product, brand, or group of products occupies in consumer's minds relative to competing offerings. Term product differentiation Definition A positioning strategy that some firms use to distinguish their products from those of competitors. Term perceptual mapping Definition A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds. Term repositioning Definition Changing consumers' perceptions of a brand in relation to competing brands.