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Details Title: Marketing Definitions Description: Definitions for Vocabulary-Chapter 3: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co. Total Flash Cards: 19 Created: 09/18/2007 16:12:43	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 Definition a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services Term generic market Definition a market with broadly similar needs Term Product-Market Definition a market with very similar needs and sellers offering various close substitiute wasys of satisfying those needs. Has 4 parts: Product type, Customer needs, Customer types, Geographic Area Term Product type (in a Product Market) Definition describes the goods and/or services that customers want Term Customer needs (in a product market) Definition refers to the needs that the product type satisyfies for the customer Term Customer type (in a Product Market) Definition refers to the final consumer or user of a product type Term Geographic area (in a Product Market) Definition where a firm competes or plans to compete for customers Term Market Segmentation (2 steps) Definition 1. Naming broad product-markets 2. segmenting these broad product-mairkets in order to select target markets and develop suitable marketing mixes Term segmenting/market segment Definition clustering people with similar needs into a 'market segment' A market segment is a relatively homogenous group of customers who will respond to a marketing mix in a similar way Term Characteristics of a "good" market segment Definition Customers Should Be: 1. Homogeneous within the segments 2. Heterogenous between the segments Segments Should Be: 3. Substantial, big enough to be profitable 4. Operational- the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables Term Single target market approach Definition segmenting the market and picking one of the homogeneous segments as the firm's target market Term multiple target market approach Definition segmenting the market and choosing two or more segments, then treating each as a separate target market needing a differnet marketing mix Term Combinded target market approach- "Combiners" Definition combining two ore more submarkets into one larger target market as a basis for one strategy; may help achieve some economies of scale -attractive for firms with limited resources Term Segmenters Definition aim at one or more homogeneous segments and try to develop a different marketing mix for each segment Term Segmenting Dimensions-Qualifying Definition those segmenting dimensions relevant to including a customer type in a product-market Term Segmenting dimensions-Determining Definition Those segmenting dimensions that actually affect the customer's pruchase of a specific product or brand in a product-market Term Clustering Techniques Definition these techniqes try to find similar patterns within sets of data Term Customer Relationship Management(CRM) Definition the seller fine-tunes the marketing effort with information from a detailed customer database Term Positioning Definition how customers think about proposed or present brands in a market