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Exam 2
| Term | Definition |
|---|---|
| Segmentation | The process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics. |
| Segmentation Variables | Dimensions that divide the total market into fairly homogeneous groups, each w/ different needs and preferences. |
| Generation Y | The group of consumers born between 1979 and 1994. |
| Market Fragmentation | The creation of many consumer groups due to a diversity of distinct needs and wants in modern society. |
| Target Marketing Strategy | Dividing the total market into different segments based on customer characteristics, selecting one or more segments, and developing products to meed the needs of those specific segments. |
| Demographics | Measure age, gender, income, education, etc. |
| Generational Marketing | Marketing to members of a generation, who tend to share the same outlook and priories. |
| Generation X | The group of consumers born between 1965 and 1978. |
| Baby Boomers | People born between 1946 and 1964 |
| Metorsexual | A straight, urban male who is keenly interested in fashion, home design, cooking and personal care. |
| Cultural Diversity | The practice that actively seeks to include people of different sexes, races, ethnic groups, religion in an organization's employees, customers, suppliers, etc. |
| Geodemography | Segmentation technique that combines geography with demographics. |
| Geocoding | Customizing web advertising so people who log on different places will see ad banners for local businesses. |
| Psychographics | The use of psychological, sociological, and anthropological factors to construct market segments. |
| Values and Lifestyles | VALS. Psycho graphic system that divides the entire US population into 8 segments. |
| Behavioral Segmentation | Divides consumers into segments on the basis of how they act toward, feel about, or use a good or service. |
| 80/20 Rule | Marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product's sales. |
| Long Tail | New approach to segmentation based on the idea that companies can make money by selling small amount of items that only a few people want, provided they sell enough different items. |
| Usage Occasions | Indicator used in behavioral market segmentation based on when consumers use a product most. |
| Targeting | Marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try and turn them into customers. |
| Target Market | The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts. |
| Segment Profile | Description of the typical customer in a segment |
| Undifferentiated Targeting Strategy | Appealing to a broad spectrum of people |
| Differentiated Targeting Strategy | Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace |
| Concentrated Targeting Strategy | Focusing on a firm's efforts on offering one or more products to a single segment. |
| Custom Marketing Strategy | Tailors specific products and the messages about them to individual customers |
| Mass Customiaztion | Modifies a basic good or service to meet the needs of an individual |
| Positioning | Marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition |
| Repositioning | Redoing a product's position to respond to marketplace changes |
| Retro Brand | A once popular brand that has been revived to experience a popularity comeback, often by riding a wave of nostalgia |
| Brand Personality | Distinctive image that captures a good's or service's character and benefits |
| Perceptual Map | Technique to visually describe where brands are "located" in consumers' minds relative to competing brands |
| CRM | Tracking consumer's preferences and behaviors over time to determine their wants and needs |
| Touchpoint | Any point of direct interface between customers and a company |
| Share of Customer | The percentage of an individual customer's purchase of a product that is a single brand |
| Lifetime Value of a Customer | The potential profit a single customer's purchase of a firm's products generates over the customer's lifetime |
| Customer Equity | The financial value of a customer relationship throughout the lifetime of the relationship. |
| Good | Tangible product that we can see, touch, smell, hear, taste |
| Attributes | Features, functions, benefits, uses of a product |
| Core Product | All the benefits the product will provide for consumers or business consumers |
| Actual Product | Physical good of the delivered service that supplies the desired benefit |
| Augmented Product | The actual product plus other supporting features like a warranty, credit, delivery, etc. |
| Durable Goods | Products that provide benefits over a long period of time like cars and furniture |
| Non durable Goods | Products that provide benefits for a short time like food or newspapers. |
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