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segmenting and targeting markets
chapter 8
25
Marketing
Undergraduate 2
01/30/2011

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Term
market
Definition
people or organizations with needs or wants and the ability and willingness to buy
Term
market segment
Definition
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
Term
segmentation bases (variables)
Definition
characteristics of individuals, groups, or organizations
Term
geographic segmentation
Definition
segmenting markets by region of a country or the world, market size, market density, or climate
Term
demographic segmentation
Definition
segmenting markets by age, gender, income, ethnic background . and family life cycle
Term
family life cycle
Definition
a series of stages determined by a combination of age, martial status, and the presence or absence of children
Term
psychographic segmentation
Definition
market segmentation on the basis of personality, motive, lifestyles, and geodemographic.
Term
geodemographic segmentation
Definition
segmenting potential customers into neighborhood lifestyles categories.
Term
benefit segmentation
Definition
the process of grouping customers into market segments according to the benefits they seek form the product.
Term
usage-rate segmentation
Definition
dividing a market by the amount of product bought or consumed
Term
80/20 principle
Definition
a principle holding that 20 percent of all customers generate 80 percent of the demand
Term
satisficers
Definition
business customers who place an order with the first familiar supplier to satisfy product and delivery requirements
Term
optimizers
Definition
business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one
Term
target market
Definition
a group of people or org. for which an org. 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
a marketing approach that views the market as one big market with no individual segments and this uses a single marketing mix
Term
concentrated targeting strategy
Definition
a strategy used to select on segment of a market for targeting marketing efforts
Term
niche
Definition
one segment of a market
Term
multisegment targeting strategy
Definition
a strategy that chooses two or more well defined market segments and develops a distinct marketing mix for each
Term
cannibalization
Definition
a situation that occurs when sales of a new product cut into sales of a firms existing products
Term
one-to-one marketing
Definition
an individualized marketing method that utilizes customer info. to build long-term, personalized, and profitable relationships with each customer
Term
positioning
Definition
developing a specific marketing mix to influence potential customers overall perception of a brand, product line, or org. in general
Term
position
Definition
the place a product, brand, or group of products occupies in consumers minds relative to competing offerings
Term
product differentiation
Definition
a positioning strategy that some firms use to distinguish their products from those of competitors
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 customer minds
Term
repositioning
Definition
changing consumers perception of a brand in relation to competing brands
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