Term
| People or organizations with needs or wants and the ability and willingness to buy |
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Definition
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Term
| a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product need |
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Definition
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Term
| the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
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Definition
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Term
| a series of stages determined by a combination of age, marital status, and the presence or absence of children, part of demographic segmentation |
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Definition
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Term
| market segmentation on the basis of personality, motives, lifestyles, and geodemographics |
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Definition
| Psychographic Segmentation |
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Term
| segmenting potential customers into neighborhood lifestyle categories, part of psychographic segmentation |
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Definition
| Geodemographic Segmentation |
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Term
| the process of grouping customers into market segments according to the benefits they seek from the product |
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Definition
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Term
| dividing a market by the amount of product bought or consumed |
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Definition
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Term
business customers who place an order with the first familiar
supplier to satisfy product and delivery requirements, focus on one buyer and sell to that entity |
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Definition
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Term
| business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one |
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Definition
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Term
| a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix |
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Definition
| Undifferentiated marketing strategy |
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Term
| a strategy used to select one segment of a market for targeting marketing effort |
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Definition
| Concentrated marketing strategy |
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Term
| One segment of the market |
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Definition
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Term
| a strategy that chooses two or more well- defined market segments and develops a distinct marketing mix for each |
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Definition
| Multisegment targeting strategy |
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Term
| a situation that occurs when sales of a new product cut into sales of a firm’s existing products |
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Definition
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Term
| an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer |
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Definition
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Term
developing a specific marketing mix to influence potential
customers’ overall perception of a brand, product line, or organization in general |
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Definition
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Term
| the place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings |
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Definition
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