Details Title: Chapter 7 Description: Target Markets: Segmentation and Evaluation Total Flash Cards: 18 Created: 08/11/2008 12:13:02		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 consumer market Definition Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits Term business market Definition Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations Term undifferentiated targeting strategy Definition A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product Term homogenous market Definition A market in which a alrge proportion of customers have similar needs for a product Term hetergeneous markets Definition Markets made up of individuals or organizations with diverse needs for products in a specific product class Term market segmentation Definition The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs Term market segment Definition Individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needs Term concentrated targeting strategy Definition A strategy in which an organization targets a single market segment using one marketing mix Term differentiated targeting strategy Definition A strategy in which an organization targets two or more segments by developing a marketing mix for each Term segmentation variables Definition Characteristics of individuals, groups, or organizations used to divide a market into segments Term market density Definition The number of potential customers within a unit of land area Term geodemographic segmentation Definition Marketing segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information Term micromarketing Definition An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets Term benefit segmentation Definition The division of a market according to benefits that customers want from the product Term market potential Definition The total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity Term company sales potential Definition The maximum percentage of market potential that an individual firm can expect to obtain for a specific product Term breakdown approach Definition Measuring company sales potential based ona general economic forecast for a specific period and the market potential derived from it Term buildup approach Definition Measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and addingthe totals of all the geographic areas considered