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Ch. 8 Terms
| Term | Definition |
|---|---|
| Market | people or organizations with needs or wants and the ability and willingness to buy |
| Market Segment | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
| Market Segmentation | the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
| Segmentation Bases (variables) | characteristics of individuals, groups, or organizations |
| Geographic Segmentation | segmenting markets by region of a country or the world, market size, market density, or climate |
| Demographic Segmentation | segmenting markets by age, gender, income, ethnic background, and family life cycle |
| Family Life Cycle (FLC) | a series of stages determined by a combination of age, marital status, and the presence or absence of children |
| Psychographic Segmentation | segmenting markets on the basis of personality, motives, lifestyles, and geodemographics |
| Geodemographic Segmentation | segmenting potential customers into neighborhood lifestyle categories |
| Benefit Segmentatation | the process of grouping customers into market segments according to the benefits they seek from the product |
| Usage-rate Segmentation | dividing a market by the amount of product bought or consumed |
| 80/20 Principle | a principle holding that 20 percent of all costumers generate 80 percent of the demand |
| Satisficers | Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements |
| Optimizers | business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one |
| 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 |
| 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 |
| Concentrated Targeting Strategy | a strategy used to select one segment of a market for targeting marketing efforts |
| Niche | one segment of a market |
| Multisegment Targeting Strategy | a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each |
| Cannibalization | a situation that occurs when sales of a new product cut into sales of a firm's existing products |
| One-To-One Marketing | an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer |
| Positioning | developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general |
| Position | the place a product, brand, or group of products occupies in consumers' minds relative to competing offering |
| Product Differantation | a position strategy that some firms use to distinguish their products from those of competitors |
| 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 |
| Repositioning | changing customers' perceptions of a brand in relation to competing brands |
Created by:
gwd220
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