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Ch. 4-Marketing Strategy with Segmentation and Positioning
N/A
16
Marketing
Undergraduate 3
09/26/2017

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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-that is, ways of satisfying those needs.
Term
Generic Market
Definition
A market with broadly similar needs-and sellers offering various and 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 of (1) naming broad product-markets and (2) segmenting those broad product-markets in order to select target markets and develop suitable marketing mixes.
Term
Segmenting
Definition
An aggregating process that clusters 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, then treating each as a separate target market needing a different marketing mix.
Term
Combined Target Market Approach
Definition
Combining two or more submarkets into one larger market as a basis for one strategy.
Term
Combiners
Definition
Firms that try to increase the size of their target markets by combining two or more segments.
Term
Segmenters
Definition
Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
Term
Qualifying Dimensions
Definition
The dimensions that are relevant to including a customer type in a product-market.
Term
Determining Dimensions
Definition
The dimensions that actually affect the customer's purchase of a specific product or brand in a product-market.
Term
Clustering Techniques
Definition
Approaches used to try to find similar patterns within sets of data.
Term
Customer Relationship Management (CRM)
Definition
An approach where the seller fine-tunes the marketing effort with information from a detailed customer database.
Term
Positioning
Definition
An approach that refers to how customers think about proposed or present brands in a market.
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