Term
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Definition
| People or organizations with needs or wants and the ability and willingness to buy. |
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Term
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Definition
| A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. |
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Term
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Definition
| The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. |
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Term
| segmentation bases (variables) |
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Definition
| Characteristics of individuals, groups or organizations. |
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Term
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Definition
| Segmenting markets by region of a country or the world, market size, market density, or climate. |
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Term
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Definition
| Segmenting markets by age, gender, income, ethnic background, and family life cycle. |
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Term
| psycographic segmentation |
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Definition
| Market segmentation on the basis of personality, motives, lifestyles, and geodemographics. |
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Term
| deodemographic segmentation |
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Definition
| Segmenting potential customers into neighborhood lifestyle categories. |
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Term
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Definition
| The process of grouping customers into market segments according to the benefits they seed from the product. |
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Term
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Definition
| Dividing a market by the amount of product bought or consumed. |
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Term
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Definition
| A principle holding that 20 percent of all customers generate 80 percent of the demand. |
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Term
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Definition
| Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements. |
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Term
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Definition
| Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one. |
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Term
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Definition
| A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges. |
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Term
| undifferentiated targeting strategy |
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Definition
| Marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix. |
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Term
| concentrated targeting stragegy |
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Definition
| A strategy used to select one segment of a market for targeting marketing efforts. |
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Term
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Definition
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Term
| multisegment targeting strategy |
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Definition
| A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each. |
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Term
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Definition
| A situation that occurs when sales of a new product cut into sales of a firm's existing products. |
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Term
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Definition
| Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general. |
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Term
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Definition
| The place a product, brand, or group of products occupies in consumer's minds relative to competing offerings. |
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Term
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Definition
| A positioning strategy that some firms use to distinguish their products from those of competitors. |
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Term
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Definition
| A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds. |
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Term
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Definition
| Changing consumers' perceptions of a brand in relation to competing brands. |
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