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Details Title: Marketing Chap 8 Description: Marketing Chap 8 Total Flash Cards: 15 Created: 02/24/2007 14:28:53	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term market segmentation Definition Division of the total market into smaller, relatively homogeneous groups Term market Definition A group of people or institutions who possess sufficient purchasing power and the authority and willingness to buy. Term psychographic segmentation Definition Dividing a consumer population into homogeneous groups based on their psychological and lifestyle profiles. Term target market Definition Specific segment of consumers most likely to purchase a particular product Term product-related segmentation Definition Dividing a consumer population into homogeneous groups based on characteristics of their relationships to a product Term consumer products Definition Goods or services purchased by the ultimate consumer for personal use. Term undifferentiated marketing Definition Marketing strategy used by firms that produce only one product and market it to all customers using a single marketing mix. Term business products Definition Goods or services purchased for use either directly or indirectly in the production of other goods and services for resale. Term differentiated marketing Definition Strategy used by organizations that produce numerous products and use different marketing mixes to satisfy smaller market segments. Term concentrated marketing Definition Marketing strategy that commits all of a firm’s marketing resources to serve a single market segment Term geographic segmentation Definition Dividing an overall market into homogeneous groups on the basis of population location. Term micromarketing Definition Marketing strategy to target potential customers at basic levels such as by ZIP code. Term geographic information system (GIS) Definition Computer technology that records several layers of data on a single map. Term positioning Definition Marketing strategy that emphasizes serving a specific market segment by achieving a certain position in buyers’ minds Term demographic segmentation Definition Dividing consumer groups into homogeneous segments on the basis of characteristics such as age, sex, income level, and stage in the family life cycle