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Market opportunity

QuestionAnswer
Target market Group of people to whom a firm decides to directs its marketing efforts and ultimately its goods and services.
Consumer products Products bought by ultimate consumers for personal use.
Business products Goods and services purchased for use either directly or indirectly in the production of other goods and services for resale.
Market segmentation The division of the total market into smaller, relatively homogeneous groups
Criteria for effective segmentation segment must present measurable purchasing power,effectively promote and serve market segment, must be large enough to be profitable, aim at matching its marketing capabilities
Different segmentation strategies Geographic strategy, Demographic strategy, psychographic strategy, behavioral strategy.
Geographic segmentation Division of an overall market into homogeneous groups based on their locations.
Demographic segmentation Division of an overall market into homogeneous groups based on variables such gender, age, income, occupation, education, sexual orientation, household size, stage in the family life cycle,
Socio economic segmentation This is same as demographic segmentation.
Cohort effect Tendency of members of a generation to be influenced and bound together by significant events occurring during their key formative years.
Generation X The group born between 1966-1981.
Generation Y or Millenials Tweens /preteens
Baby Boomers The group of people born between 1946 and 1965.
Engel's law As household income increases, smaller percentage of expenditures goes for food, percentage on housing, household operations and clothing remains constant and percentage spent on items as education , recreation increases.
Psychographic segmentation Division of a population into groups having similar attitudes, values, lifestyles.
VALS VALS divides consumers into 8 psychographic categories: innovators, thinkers, achievers, experiencer, believers, strivers, makers, and survivors.
Product-related segmentation Division of a population into homogeneous groups based on their relationships to a product namely benefits people seek from the product, usage rate, brand loyalty toward a product.
Target market strategy Undifferentiated target marketing, differentiated target market, concentrated marketing, micro-marketing, one-to-one marketing
Undifferentiated target marketing or Mass Marketing Strategy that focuses on producing a single product and marketing it to all customers
Differentiated marketing Strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segments.
Concentrated marketing or Niche marketing Focusing marketing efforts on satisfying a single market segment.
Micromarketing Targeting potential customers at very narrow, basic levels such as by zip code, specific occupation, or lifestyle-possibly even individuals themselves.
Positioning Placing a product at a certain point or location within a market in the MINDS of prospective buyers.
Positioning strategies Attributes, price/quality, competitors, application, product user, product class.
Created by: mkale
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