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Definition
| The creating of many consumer groups due to a diversity of distinct needs and wants in modern society. |
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Term
| Target marketing strategy |
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Definition
| Dividing the total market into different segments on the basis of customer characteristics, selection one or more segments, and developing products to meet the needs of those specific segments. |
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Definition
| The process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics. |
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Definition
| Dimensions that divide the total market into fairly homogeneous groups, each eithe different needs and preferences. |
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Definition
| The group of consumers born between 1977 and 1994. |
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Definition
| Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure. |
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Definition
| Marketing to members of a generation, who tends to share the same outlook and priorities. |
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Definition
| The group of consumers born between 1965 and 1976. |
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Definition
| The segments of people born between 1946 and 1964. |
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Definition
| A sementation technique that combines geography with demograhics. |
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Definition
| Customizing Web advertising so that people who log in difference places will see ad banners for local businesses. |
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Term
| VALS (Values and Lifestyles) |
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Definition
| A psychographic systerm that divides the entire U.S. population into eight segments. |
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Term
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Definition
| A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good service. |
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Definition
| A marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product's sales. |
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Term
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Definition
| A new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want, provided they sell enough different items. |
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Term
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Definition
| An indicator used in one type of market segmentation based on when consumers use a product most. |
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Term
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Definition
| A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they they will invest resources to try to turn them into customers. |
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Term
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Definition
| The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts. |
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Term
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Definition
| A description of the "typical" customer in a segment. |
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Term
| Undifferentiated targeting strategy |
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Definition
| Appealing to a broad spectrum of people. |
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Term
| Differntiated targeting strategy |
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Definition
| Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace. |
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Term
| Concentrated targeting strategy |
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Definition
| Focusing a firm's efforts on offering one or more products to a single segment. |
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Term
| Custom marketing strategy |
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Definition
| An approach that tailors specific products and the messages about them to individual customers. |
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Term
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Definition
| An approach that modifies a basic good or service to meet the needs of an individual. |
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Term
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Definition
| Developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition. |
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Term
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Definition
| Redoing a product's position to respond to marketplace changes. |
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Term
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Definition
| A once-popular brand that has been revivde to experience a popularity comeback, often by riding a wave of nostalgia. |
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Term
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Definition
| A distinctive image that captures a good's or service's character and benefits. |
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Definition
| A vivid way to construct a picture of where porducts or brands are "located" in consumers' minds. |
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Term
| Customer relationship manamgement (CRM) |
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Definition
| A philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back. A philosophy that sees marketing as a process of building long-term relationships. Tailing or each individual's unique wants and needs. |
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Term
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Definition
| The percentage of an individual customer's purchase of a product that is a single brand. |
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Term
| Lifetime value of a customer |
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Definition
| The potential profit generated by a single customer's purchase of a girm's products over the customer's lifetime. |
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Term
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Definition
| The financial value of a customer relationship thorughout the lifetime of the relationship. |
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