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MARK 1115 Chapter 6
chapter 6
26
Marketing
Undergraduate 1
01/26/2014

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Term
80/20 principle
Definition
A principle holding that 20 percent of all customers generate 80 percent of the demand. p. 174
Term
benefit segmentation
Definition
The process of grouping customers into market segments according to the benefits they seek from the product. p. 174
Term
cannibalization
Definition
When sales of a new product cut into sales of a company’s existing products. p. 182
Term
concentrated targeting strategy
Definition
A strategy used to select one segment of a market for targeting marketing efforts. p. 180
Term
demographic segmentation
Definition
Segmenting markets by age, gender, income, ethnic background, and family life cycle. p. 166
Term
family life cycle (FLC)
Definition
A series of stages determined by a combination of age, marital status, and the presence or absence of children. p. 171
Term
geodemographic segmentation
Definition
Segmenting potential customers into neighbourhood lifestyle categories. p. 173
Term
geographic segmentation
Definition
Segmenting markets by region of a country or the world, market size, market density, or climate. p. 165
Term
market
Definition
People or organizations with needs or wants and the ability and willingness to buy. p. 162
Term
market segment
Definition
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. p. 162
Term
market segmentation
Definition
The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. p. 162
Term
multisegment targeting strategy
Definition
A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each. p. 181
Term
niche
Definition
One segment of a market. p. 180
Term
one-to-one marketing
Definition
An individualized marketing method that uses customer information to build long-term, personalized, and profitable relationships with each customer. p. 183
Term
optimizers
Definition
Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one. p. 177
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. p. 185
Term
position
Definition
The place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings. p. 184
Term
positioning
Definition
Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general. p. 184
Term
product differentiation
Definition
A positioning strategy that some companies use to distinguish their products from those of competitors. p. 184
Term
psychographic segmentation
Definition
Market segmentation on the basis of personality, motives, lifestyles, and geodemographics. p. 171
Term
repositioning
Definition
Changing consumers’ perceptions of a brand in relation to competing brands. p. 186
Term
satisficers
Definition
Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements. p. 177
Term
segmentation bases (variables)
Definition
Characteristics of individuals, groups, or organizations. p. 165
Term
target market
Definition
A defined group most likely to buy a company’s products; 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. p. 178
Term
usage-rate segmentation
Definition
Dividing a market by the amount of product bought or consumed. p. 174
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