Term
| undifferentiated targeting strategy |
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Definition
organization defines entire market for particular product as "target market" single marketing mix |
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| large proportion of customers have similar needs |
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| individuals/organizations with diverse needs in specific product class |
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dividing total market into groups relatively similar needs in order to design marketing mix to match needs |
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individuals, groups, organizations share one or more similar characteristics, therefor having similiar product needs |
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| concentrated targeting strategy |
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Definition
marketing segmentation strategy targets single market segment using one marketing mix |
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| differentiated targeting strategy |
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Definition
targets two or more segments by developing marketing mix for each segment |
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characteristics of individuals, groups, organizations used to divide market into segments location age gender etc... |
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aggregate population characteristics Age Gender Race Income ****family life cycle**** -increase # of: single mom households women (20-24) never been married median marrying age (women) has risen |
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| Most popular snack bar in the country |
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Definition
Kellog's Rice Krispies Treats *convenience/easy portability - appeals to women (50.8%) population |
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climate terrain city size population density urban/rural areas |
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| # of potential customers within a unit of land area |
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| Geodemographic segmentation |
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Definition
method of marketing segmentation * clusters people in zip code areas/smaller neighborhood units based on lifestyly & demographics |
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organizations focus precisely on very small geographic markets |
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| personality characteristics, motives, lifestyles |
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*Behavioristic Variables* division of market according to benefits consumers want from product |
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describes similarities in potential customers within segment & differences in different segments |
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Definition
potential sales can be measured along: - product level - geographic area - level of competition - time |
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total amount of product customers will purchase w/in some time period at specific level of marketing activity (industrywide) |
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max % of market potential firm can expect in industry |
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measures sales potential marketing manager: 1) develops economic forecast 2) estimates potential based on forecast 3) derives sales potential from both |
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measure sales potential marketing manager: 1) Estimates amount of sold product to potential client in some geographic area 2) Multiply x total # of potential buyers in area 3) Add all areas' products |
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