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Chapter 8 Marketing
Marketing Chapter 8 Vocab
| Question | Answer |
|---|---|
| people or organizations with needs or wants and the ability and willingness to buy. | market |
| a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. | market segment |
| the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. | market segmentation |
| characteristics of individuals, groups, or organizations | segmentation bases (variables) |
| segmenting markets by region of a country or the world, market size, market density, or climate | geographic segmentation |
| segmenting markets by age, gender, income, ethnic background, and family life cycle. | demographic segmentation |
| a series of stages determined by a combination of age, marital status, and the presence or absence of children | family life cycle |
| market segmentation on the basis of personality, motives, lifestyles, and geodemographics | psychographic segmentation |
| segmenting potential customers into neighborhood lifestyle categories. | geodemographics segmentation |
| the process of grouping customers into market segments according to the benefits they seek from the product | benefit segmentation |
| dividing a market by the amount of product bought or consumed | usage-rate segmentation |
| a principle holding that 20% of all customers generate 80% of the demand | 80/20 principle |
| business customers who place an order with the first familiar supplier to satisfy product and delivery requirements. | satisficers |
| business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one. | optimizers |
| 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 mutual satisfying exchanges. | target market |
| a marketing approach that views the markets as one big market with no individual segments and thus uses a single marketing mix. | undifferentiated targeting strategy |
| a strategy used to select one segment of a market for targeting marketing efforts. | concentrated targeting strategy |
| one segment of a market | niche |
| strategy that choose two or more well-defined market segments and develops a distinct marketing mix for each | multisegment targeting strategy |
| a situation that occurs when sales of a newe product cut into sales of a firm's existing products | cannibalization |
| an individual marketing method that utilizes customer information to build long term, personalized, and profitable relationships with each customer | one-to-one marketing |
| developing a specific marketing mix to influence potential customers' over all perception of a brand, product line, or organization in general | positioning |
| the place a product, brand, or group of products occupies in consumer's minds relative to competing offerings | position |
| a positioning strategy that some firms use to distinguish their products form those of competitors | product differentiation |
| a means of displaying or graphing, in two or more dimensions, the locations of products, brands, or groups of products in customers' minds | perceptual mapping |
| changing consumers' perceptions of a brand in relations to competing brands. | repositioning |
Created by:
acpearl
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