Term
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Definition
| is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services |
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Term
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Definition
| is a market with broadly similar needs and sellers offering various, often divers, ways of satisfying those needs |
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Term
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Definition
| is 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
| is a two-step process of naming broad product-markets and segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes |
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Term
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Definition
| as an aggregating process clustering people with similar needs into a market segmentation |
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Term
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Definition
| is a 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 frim’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, and 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 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 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
| are those relevant to including a customer type in a product market |
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Term
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Definition
| are those 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
| try to find similar patterns within sets of data |
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Term
| Customer relationship management- |
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Definition
| the seller fine-tunes the marketing effort with information from a detailed customer database |
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Term
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Definition
| refers to how customers think about proposed or present brands in a market |
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