Term
|
Definition
| A group of potential custoemrs with similar needs who are willing to exchange something of value with sellers offering various goods or services |
|
|
Term
|
Definition
| Market with broadly similar needs |
|
|
Term
|
Definition
| A market with very similar needs and sellers offering various close substitute ways of satisfying those needs |
|
|
Term
|
Definition
| is a two step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes |
|
|
Term
|
Definition
| An aggregating process- clustering people with similar needs into a "market segment" |
|
|
Term
|
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, and then treating each as a seperate target market needing a different market mix |
|
|
Term
| Combine target market approach |
|
Definition
| Combining two or more submarkets into one larger target market as a basis for one strategy |
|
|
Term
|
Definition
| those relevant to including a customer type in a product market |
|
|
Term
|
Definition
| those that actually affect the customer's purchase of a specific product or brand in a product-market |
|
|
Term
|
Definition
| Refers to how customers think about proposed or present brands in a market |
|
|
