Term
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Definition
| Group of potentail customers with similar needs willing to exchange value. |
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Definition
| Market with broadly similar needs. |
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Term
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Definition
| Two step process of (1) naming broad product markets (2) segmenting them in order to select target markets and develop suitable marketing mixes. |
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Term
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Definition
| Clustering people with similar needs into a "market segment." |
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Term
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Definition
| Homogeneous customers who will respond to a marketing mix similarity. |
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Term
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Definition
| Segmenting and choosing one homogeneous segment. |
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Term
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Definition
| Choosing two or more segments and treating them as seperate target markets needing different marketing mixes. |
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Term
| Combined Target Market Approach |
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Definition
| Combing two or more submarkets into one larger target market as a basis for one strategy. |
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Term
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Definition
| Try to increase the size of their markets by combing segments. |
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Term
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Definition
| Aim at one or moer segments and tries to develop a different marketing mix for each segment. |
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Definition
| Relevant to including a customre type in a product-market. |
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Term
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Definition
| Actually affects the customers' purchase in a product market. |
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Term
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Definition
| Try to find similar patterns with in the sets of data. |
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Term
| Customer Relationship Management (CRM) |
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Definition
| Seller fine-tunes the marketing effort with information from a detailed customer base. |
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Term
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Definition
| How customers think about proposed or present products in a market. |
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