Term
|
Definition
| A marketing heuristic that claims that 20% of purchasers account for 80% of a product’s sales. |
|
|
Term
|
Definition
| The segment of people born between 1946 and 1976. |
|
|
Term
|
Definition
| A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service. |
|
|
Term
|
Definition
| A distinctive image that captures a good’s or service’s character and benefits. |
|
|
Term
| Concentration targeting strategy |
|
Definition
| Focusing a firm’s efforts on offering one ore more products to a single segment. |
|
|
Term
| Custom marketing strategy |
|
Definition
| An approach that tailors specific products and the messages about them to individual customers. |
|
|
Term
| Customer relationship management (CRM) |
|
Definition
| A philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back. Involves systematically tracking consumers’ preferences and behaviors over time in order to tailor the value of proposition as closely as possible to each individual’s unique wants and needs. Said another way, the purpose of CRM is to increase revenues, profits, and customer service by understanding customer preferences and catering to them in such a way that they choose to spend additional dollars with your firm. Its the use of information to change behaviors that makes the difference. If you understand customer preferences than you can segment them and use different promotions to talk to them. |
|
|
Term
|
Definition
Statistics that measure observably aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure. |
|
|
Term
| Differentiated targeting strategy |
|
Definition
Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace. |
|
|
Term
|
Definition
| Marketing to members of a generation, who tend to share the same outlook and priorities. Ex: baby boomers, Gen X, Y. |
|
|
Term
|
Definition
| Customizing advertising (Web, print ads, Radio ads, TV ads, etc.) so that people who live or log on in different places will be exposed to advertising for local businesses. |
|
|
Term
|
Definition
| A segmentation technique that combines geography with demographics. You map demographic consumer segments to neighborhoods/regions. |
|
|
Term
| Lifetime value of a customer |
|
Definition
| an estimation of the potential profit that one consumer may provide over their lifetime. |
|
|
Term
|
Definition
| The creation of many consumer groups (segments) due to a diversity of distinct needs and wants in modern society |
|
|
Term
|
Definition
| An approach that modifies a basic good or service to meet the needs of an individual. |
|
|
Term
|
Definition
| A vivid way to construct a picture of where products or brands are “located” in consumer’s minds. |
|
|
Term
|
Definition
| Developing a marketing strategy aimed at influencing how a particular market segment (persuading consumers) perceives a good or service in comparison to the competition. |
|
|
Term
|
Definition
The use of psychology, sociological, and anthropological factors to construct market segments. Segments are formed based on attitudes, interests and opinions. |
|
|
Term
|
Definition
| Updating a product's position (such as the promotional materials) to respond to new marketplace changes. |
|
|
Term
|
Definition
| A description of the “typical” customer in a segment. |
|
|
Term
|
Definition
| The process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics. |
|
|
Term
|
Definition
| Dimensions that divide the total market into fairly homogenous groups , each with different needs and preferences |
|
|
Term
|
Definition
| The percentage of an individual customer’s purchase of a product that is a single brand. |
|
|
Term
|
Definition
| The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts. |
|
|
Term
|
Definition
| Dividing the total market into different segments on the basis of consumer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments. |
|
|
Term
|
Definition
| A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers. |
|
|
Term
| Undifferentiated targeting strategy |
|
Definition
| Appealing to a broad spectrum of people. |
|
|
Term
|
Definition
| An indicator used in one type of market segmentation based on when consumers use a product most. |
|
|
