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Marketing Chapter 8
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Side A ------ Side B 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 products 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) geographic segmentation ------ segmenting markets by region of a country or the world, market size, market density, or climate a series of stages determined by a combination of age, marital status, and the presence or absence of children ------ family life cycle (FLC) market segmentation on the basis of personality, motives, lifestyles, and geodemographics ------ psychodemographic segmentation segmenting potential customers into neighborhood lifestyle categories ------ geodemographic 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 percent of all customers generate 80 percent of the demand ------ 80/20 principle Describe the characteristics of markets and market segments ------ a market is composed of individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants. A market segment is a group of individuals or organizations with similar product needs as a result of one ore more common characteristic. business customer who place an order with the first familiar supplier to satisfy product and deliver requirements ------ satisficers business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one ------ optimizers a marketing approach that views the market 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 stategy a situation that occurs when sales of a new product cut into sales of a firm's existing products ------ cannibalization an individualized 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' overall perception of a brand, product line, or organization in general ------ positioning changing customers' perception of a brand in relation to competing brands ------ repositioning
Side A ------ Side B 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 products 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) geographic segmentation ------ segmenting markets by region of a country or the world, market size, market density, or climate a series of stages determined by a combination of age, marital status, and the presence or absence of children ------ family life cycle (FLC) market segmentation on the basis of personality, motives, lifestyles, and geodemographics ------ psychodemographic segmentation segmenting potential customers into neighborhood lifestyle categories ------ geodemographic 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 percent of all customers generate 80 percent of the demand ------ 80/20 principle Describe the characteristics of markets and market segments ------ a market is composed of individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants. A market segment is a group of individuals or organizations with similar product needs as a result of one ore more common characteristic. business customer who place an order with the first familiar supplier to satisfy product and deliver requirements ------ satisficers business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one ------ optimizers a marketing approach that views the market 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 stategy a situation that occurs when sales of a new product cut into sales of a firm's existing products ------ cannibalization an individualized 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' overall perception of a brand, product line, or organization in general ------ positioning changing customers' perception of a brand in relation to competing brands ------ repositioning
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