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Marketing Definitions
Definitions for Vocabulary-Chapter 3: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co.
19
Marketing
Undergraduate 3
09/18/2007

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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
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