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CH. 4
Focusing Marketing Strategy with Segmentation and Positioning
15
Marketing
Undergraduate 3
02/13/2011

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Cards

Term
Market
Definition
Group of potentail customers with similar needs willing to exchange value.
Term
Generic Market
Definition
Market with broadly similar needs.
Term
Market Segmentation
Definition
Two step process of (1) naming broad product markets (2) segmenting them in order to select target markets and develop suitable marketing mixes.
Term
Segmenting
Definition
Clustering people with similar needs into a "market segment."
Term
Market Segment
Definition
Homogeneous customers who will respond to a marketing mix similarity.
Term
Single Market Approach
Definition
Segmenting and choosing one homogeneous segment.
Term
Multiple Market Approach
Definition
Choosing two or more segments and treating them as seperate target markets needing different marketing mixes.
Term
Combined Target Market Approach
Definition
Combing two or more submarkets into one larger target market as a basis for one strategy.
Term
Combiners
Definition
Try to increase the size of their markets by combing segments.
Term
Segmenters
Definition
Aim at one or moer segments and tries to develop a different marketing mix for each segment.
Term
Qualifing Dimensions
Definition
Relevant to including a customre type in a product-market.
Term
Determing Dimensions
Definition
Actually affects the customers' purchase in a product market.
Term
Clustering Techniques
Definition
Try to find similar patterns with in the sets of data.
Term
Customer Relationship Management (CRM)
Definition
Seller fine-tunes the marketing effort with information from a detailed customer base.
Term
Positioning
Definition
How customers think about proposed or present products in a market.
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