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Marketing Management Ch 04
Basic Marketing Chapter 4 Vocab
16
Marketing
Undergraduate 3
02/07/2012

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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-and sellers offering various, often diverse, ways of satisfying those needs.
Term
product-market
Definition
a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.
Term
Market segmentation
Definition
a two step process (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes
Term
segmenting
Definition
an aggregateing process-clustering people with similar needs into a "market segment"
Term
market segment
Definition
a relatively homogeneous group of customers who will respond to a marketing mix in a similar way
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, and then treating each as a seperate target market needing a different marketing mix
Term
combined target market approach
Definition
combining two or more submarkets into one larget target market as a basis for one strategy
Term
combiners
Definition
those who try to increase the size of their target markets by combining two or more segments
Term
Segmenters
Definition
those who aim at one or more homogeneous segments and try to develop a different marketing mix for each segment
Term
Qualifying dimensions
Definition
dimensions relevant to including a customer type in a product-market
Term
Determining dimensions
Definition
dimensions that actually affect the customer's purchase of a specific product or brand in a product-market
Term
Clustering techniques
Definition
technique that tries to find similar patterns withing 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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