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marketing ch4

QuestionAnswer
market a group of potential customers with similar needs who are willing to echange something of value with sellers offering various goods or services-- that is, ways of satisfying needs
generic market a market with broadly similar needs-- and sellers offering various, often diverse, ways of satisfying those needs
product market a market with very similar needs and sellers offering various close substitute ways of satisfying those needs
market segmentation two step process of naming broad product-markets and segmenting these broad markets in order to select target markets and suitable marketing mixes
segmenting aggregating process-- clustering people with similar needs into a market segment
market segment homogeneous group of customers who will respond to a marketing mix in a similar way
single target market approach segmenting the market and selecting one of the homogeneous segments as the firm's target market
segmenting the market and choosing two or more segments then treating each as a separate target market needing different marketing mixes
combined target market approach combining two or more submarkets into one larger target market as a basis for one strategy
combiners try to increase the size of their target markets by combining two or more segments
segmenters aim at one or more homogeneous segments and try to develop a different marketing mix for each
qualifying dimensions dimensions relevant to including a customer type in a product market
determining dimensions dimensions that actually affect the customer's purchase of a specific product or brand in the product market
clustering techniques try to find similar patterns within sets of data
Customer Relations Management (CRM) the seller fine-tunes the marketing effort with information from a detailed customer database
positioning refers to how customers think about specific brands in a market
Created by: 631987663
 

 



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