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Marketing Chap 8
Marketing Chap 8
15
Marketing
Undergraduate 1
02/24/2007

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Term
market segmentation
Definition
Division of the total market into smaller, relatively homogeneous groups
Term
market
Definition
A group of people or institutions who possess sufficient purchasing power and the authority and willingness to buy.
Term
psychographic segmentation
Definition
Dividing a consumer population into homogeneous groups based on their psychological and lifestyle profiles.
Term
target market
Definition
Specific segment of consumers most likely to purchase a particular product
Term
product-related segmentation
Definition
Dividing a consumer population into homogeneous groups based on characteristics of their relationships to a product
Term
consumer products
Definition
Goods or services purchased by the ultimate consumer for personal use.
Term
undifferentiated marketing
Definition
Marketing strategy used by firms that produce only one product and market it to all customers using a single marketing mix.
Term
business products
Definition
Goods or services purchased for use either directly or indirectly in the production of other goods and services for resale.
Term
differentiated marketing
Definition
Strategy used by organizations that produce numerous products and use different marketing mixes to satisfy smaller market segments.
Term
concentrated marketing
Definition
Marketing strategy that commits all of a firm’s marketing resources to serve a single market segment
Term
geographic segmentation
Definition
Dividing an overall market into homogeneous groups on the basis of population location.
Term
micromarketing
Definition
Marketing strategy to target potential customers at basic levels such as by ZIP code.
Term
geographic information system (GIS)
Definition
Computer technology that records several layers of data on a single map.
Term
positioning
Definition
Marketing strategy that emphasizes serving a specific market segment by achieving a certain position in buyers’ minds
Term
demographic segmentation
Definition
Dividing consumer groups into homogeneous segments on the basis of characteristics such as age, sex, income level, and stage in the family life cycle
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