Term
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Definition
| A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services-that is, ways of satisfying those needs. |
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Definition
| A market with broadly similar needs-and sellers offering various and often diverse ways of satisfying those needs. |
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Term
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Definition
| A market with very similar needs-and sellers offering various close substitute ways of satisfying those needs. |
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Term
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Definition
| A two-step process of (1) naming broad product-markets and (2) segmenting those broad product-markets in order to select target markets and develop suitable marketing mixes. |
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Term
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Definition
| An aggregating process that clusters people with similar needs into a market segment. |
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Term
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Definition
| A relatively homogeneous group of customers who will respond to a marketing mix in a similar way. |
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Term
| Single Target Market Approach |
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Definition
| Segmenting the market and picking one of the homogeneous segments as the firm's target market. |
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Term
| Multiple Target Market Approach |
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Definition
| Segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix. |
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Term
| Combined Target Market Approach |
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Definition
| Combining two or more submarkets into one larger market as a basis for one strategy. |
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Term
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Definition
| Firms that try to increase the size of their target markets by combining two or more segments. |
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Term
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Definition
| Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment. |
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Term
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Definition
| The dimensions that are relevant to including a customer type in a product-market. |
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Term
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Definition
| The dimensions that actually affect the customer's purchase of a specific product or brand in a product-market. |
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Term
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Definition
| Approaches used to try to find similar patterns within sets of data. |
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Term
| Customer Relationship Management (CRM) |
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Definition
| An approach where the seller fine-tunes the marketing effort with information from a detailed customer database. |
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Term
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Definition
| An approach that refers to how customers think about proposed or present brands in a market. |
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