Term
|
Definition
| A principle holding that 20 percent of all customers generate 80 percent of the demand. p. 174 |
|
|
Term
|
Definition
| The process of grouping customers into market segments according to the benefits they seek from the product. p. 174 |
|
|
Term
|
Definition
| When sales of a new product cut into sales of a company’s existing products. p. 182 |
|
|
Term
| concentrated targeting strategy |
|
Definition
| A strategy used to select one segment of a market for targeting marketing efforts. p. 180 |
|
|
Term
|
Definition
| Segmenting markets by age, gender, income, ethnic background, and family life cycle. p. 166 |
|
|
Term
|
Definition
| A series of stages determined by a combination of age, marital status, and the presence or absence of children. p. 171 |
|
|
Term
| geodemographic segmentation |
|
Definition
| Segmenting potential customers into neighbourhood lifestyle categories. p. 173 |
|
|
Term
|
Definition
| Segmenting markets by region of a country or the world, market size, market density, or climate. p. 165 |
|
|
Term
|
Definition
| People or organizations with needs or wants and the ability and willingness to buy. p. 162 |
|
|
Term
|
Definition
| A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. p. 162 |
|
|
Term
|
Definition
| The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. p. 162 |
|
|
Term
| multisegment targeting strategy |
|
Definition
| A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each. p. 181 |
|
|
Term
|
Definition
| One segment of a market. p. 180 |
|
|
Term
|
Definition
| An individualized marketing method that uses customer information to build long-term, personalized, and profitable relationships with each customer. p. 183 |
|
|
Term
|
Definition
| Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one. p. 177 |
|
|
Term
|
Definition
| A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds. p. 185 |
|
|
Term
|
Definition
| The place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings. p. 184 |
|
|
Term
|
Definition
| Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general. p. 184 |
|
|
Term
|
Definition
| A positioning strategy that some companies use to distinguish their products from those of competitors. p. 184 |
|
|
Term
| psychographic segmentation |
|
Definition
| Market segmentation on the basis of personality, motives, lifestyles, and geodemographics. p. 171 |
|
|
Term
|
Definition
| Changing consumers’ perceptions of a brand in relation to competing brands. p. 186 |
|
|
Term
|
Definition
| Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements. p. 177 |
|
|
Term
| segmentation bases (variables) |
|
Definition
| Characteristics of individuals, groups, or organizations. p. 165 |
|
|
Term
|
Definition
| A defined group most likely to buy a company’s products; 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. |
|
|
Term
| undifferentiated targeting strategy |
|
Definition
| Marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix. p. 178 |
|
|
Term
|
Definition
| Dividing a market by the amount of product bought or consumed. p. 174 |
|
|
