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Exam 2 MARKETING
Chapter 7
28
Marketing
Undergraduate 3
10/14/2008

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Term
80/20 rule
Definition
A marketing heuristic that claims that 20% of purchasers account for 80% of a product’s sales.
Term
Baby boomers
Definition
The segment of people born between 1946 and 1976.
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 or service.
Term
Brand personality
Definition
A distinctive image that captures a good’s or service’s character and benefits.
Term
Concentration targeting strategy
Definition
Focusing a firm’s efforts on offering one ore 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
Customer relationship management (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. Involves systematically tracking consumers’ preferences and behaviors over time in order to tailor the value of proposition as closely as possible to each individual’s unique wants and needs.
Term
Demographics
Definition
Statistics that measure observably aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure.
Term
Differentiated 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
Generational marketing
Definition
Marketing to members of a generation, who tend to share the same outlook and priorities. Ex: baby boomers, Gen X, Y.
Term
Geocoding
Definition
Customizing advertising (Web, print ads, Radio ads, TV ads, etc.) so that people who live or log on in different places will be exposed to advertising for local businesses.
Term
Geodemography
Definition
A segmentation technique that combines geography with demographics. You map demographic consumer segments to neighborhoods/regions.
Term
Lifetime value of a customer
Definition
an estimation of the potential profit that one consumer may provide over their lifetime.
Term
Market fragmentation
Definition
The creation of many consumer groups (segments) due to a diversity of distinct needs and wants in modern society
Term
Mass customization
Definition
An approach that modifies a basic good or service to meet the needs of an individual.
Term
Perceptual map
Definition
A vivid way to construct a picture of where products or brands are “located” in consumer’s minds.
Term
Positioning
Definition
Developing a marketing strategy aimed at influencing how a particular market segment (persuading consumers) perceives a good or service in comparison to the competition.
Term
Psychographics
Definition
The use of psychology, sociological, and anthropological factors to construct market segments. Segments are formed based on attitudes, interests and opinions.
Term
Repositioning
Definition
Updating a product's position (such as the promotional materials) to respond to new marketplace changes.
Term
Segment profile
Definition
A description of the “typical” customer in a segment.
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 homogenous groups , each with different needs and preferences
Term
Share of customer
Definition
The percentage of an individual customer’s purchase of a product that is a single brand.
Term
Target market
Definition
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts.
Term
Target market strategy
Definition
Dividing the total market into different segments on the basis of consumer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments.
Term
Targeting
Definition
A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers.
Term
Undifferentiated targeting strategy
Definition
Appealing to a broad spectrum of people.
Term
Usage occasions
Definition
An indicator used in one type of market segmentation based on when consumers use a product most.
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