Ch. 8 Terms
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| Market | people or organizations with needs or wants and the ability and willingness to buy
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| Market Segment | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
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| Market Segmentation | the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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| Segmentation Bases (variables) | characteristics of individuals, groups, or organizations
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| Geographic Segmentation | segmenting markets by region of a country or the world, market size, market density, or climate
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| Demographic Segmentation | segmenting markets by age, gender, income, ethnic background, and family life cycle
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| Family Life Cycle (FLC) | a series of stages determined by a combination of age, marital status, and the presence or absence of children
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| Psychographic Segmentation | segmenting markets on the basis of personality, motives, lifestyles, and geodemographics
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| Geodemographic Segmentation | segmenting potential customers into neighborhood lifestyle categories
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| Benefit Segmentatation | the process of grouping customers into market segments according to the benefits they seek from the product
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| Usage-rate Segmentation | dividing a market by the amount of product bought or consumed
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| 80/20 Principle | a principle holding that 20 percent of all costumers generate 80 percent of the demand
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| Satisficers | Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements
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| Optimizers | business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one
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| Target Market | a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutally satisfying exhanges
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| Undifferentiated Targeting Strategy | a market approach that views the market as one big market with no individual segments and thus uses a single marketing mix
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| Concentrated Targeting Strategy | a strategy used to select one segment of a market for targeting marketing efforts
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| Niche | one segment of a market
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| Multisegment Targeting Strategy | a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
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| Cannibalization | a situation that occurs when sales of a new product cut into sales of a firm's existing products
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| One-To-One Marketing | an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer
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| Positioning | developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
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| Position | the place a product, brand, or group of products occupies in consumers' minds relative to competing offering
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| Product Differantation | a position strategy that some firms use to distinguish their products from those of competitors
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| Perceptual Mapping | a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds
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| Repositioning | changing customers' perceptions of a brand in relation to competing brands
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