Marketing Chapter 8

Marketing Chapter 8 Marketing
  
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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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