Term
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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, way of satisfying those needs. |
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Definition
| a market with broadly similar needs--and sellers offering various, often diverse, ways of satisfying those needs. |
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Definition
| a market with similar needs and sellers offering various close substitute ways of satisfying those needs. |
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Term
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Definition
| a two-step process naming broad product markets and (2) segmenting those broad product markets in order to select target markets and develop suitable marketing mixes. |
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Term
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Definition
| as an aggregating process--clustering people with similar needs into a "marketing segment". |
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Term
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Definition
| a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way. |
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Term
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Definition
| segmenting the market and picking one of the homogenous segments as the firm's target market. |
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Term
| multiple target market approach |
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Definition
| segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix. |
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Term
| combined target market approach |
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Definition
| combining two or more submarkets into one larger target market as a basis for one strategy. |
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Term
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Definition
| try to increase the size of their target markets by combining two or more segments. |
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Term
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Definition
| aim at one or more homogenous segments and try to develop a different marketing mix for each segment. |
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Definition
| are those relevant to including a customer type in a product market. |
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Term
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Definition
| are those that actually affect the customer's purchase of a specific product or brand in a product market. |
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Term
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Definition
| try to find similar patterns within sets of data. |
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Term
| customer relationship management (CRM) |
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Definition
| the seller fine tunes the marketing effort with information from a detailed customer database. |
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Term
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Definition
| refers to how customers think about proposed or present brands in a market. |
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