Marketing Chapter 8

20 cards

marketing


 
  
Created Oct 18, 2011
by
gbernardo89

 

 
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1
people or organizations with needs or wants and the ability and willingness to buy
 
market
2
a subgroup of people or organizations sharing one or more characteristics that cause them to...
 
market segment
3
the process of dividing a market into meaningful, relatively similar, and identifiable segments...
 
market segmentation
4
characteristics of individuals, groups, or organizations
 
segmentation bases (variables)
5
geographic segmentation
 
segmenting markets by region of a country or the world, market size, market density, or climate
6
a series of stages determined by a combination of age, marital status, and the presence or...
 
family life cycle (FLC)
7
market segmentation on the basis of personality, motives, lifestyles, and geodemographics
 
psychodemographic segmentation
8
segmenting potential customers into neighborhood lifestyle categories
 
geodemographic segmentation
9
the process of grouping customers into market segments according to the benefits they seek...
 
benefit segmentation
10
dividing a market by the amount of product bought or consumed
 
usage-rate segmentation
11
a principle holding that 20 percent of all customers generate 80 percent of the demand
 
80/20 principle
12
Describe the characteristics of markets and market segments
 
a market is composed of individuals or organizations with the ability and willingness to make...
13
business customer who place an order with the first familiar supplier to satisfy product...
 
satisficers
14
business customers who consider numerous suppliers (both familiar and unfamiliar), solicit...
 
optimizers
15
a marketing approach that views the market as one big market with no individual segments and...
 
undifferentiated targeting strategy
16
a strategy used to select one segment of a market for targeting marketing efforts
 
concentrated targeting stategy
17
a situation that occurs when sales of a new product cut into sales of a firm's existing products
 
cannibalization
18
an individualized marketing method that utilizes customer information to build long-term,...
 
one-to-one marketing
19
developing a specific marketing mix to influence potential customers' overall perception of...
 
positioning
20
changing customers' perception of a brand in relation to competing brands
 
repositioning

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