Term
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Definition
| Division of the total market into smaller, relatively homogeneous groups |
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Term
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Definition
| A group of people or institutions who possess sufficient purchasing power and the authority and willingness to buy. |
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Term
| psychographic segmentation |
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Definition
| Dividing a consumer population into homogeneous groups based on their psychological and lifestyle profiles. |
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Term
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Definition
| Specific segment of consumers most likely to purchase a particular product |
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Term
| product-related segmentation |
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Definition
| Dividing a consumer population into homogeneous groups based on characteristics of their relationships to a product |
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Term
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Definition
| Goods or services purchased by the ultimate consumer for personal use. |
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Term
| undifferentiated marketing |
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Definition
| Marketing strategy used by firms that produce only one product and market it to all customers using a single marketing mix. |
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Term
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Definition
| Goods or services purchased for use either directly or indirectly in the production of other goods and services for resale. |
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Term
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Definition
| Strategy used by organizations that produce numerous products and use different marketing mixes to satisfy smaller market segments. |
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Term
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Definition
| Marketing strategy that commits all of a firm’s marketing resources to serve a single market segment |
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Term
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Definition
| Dividing an overall market into homogeneous groups on the basis of population location. |
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Term
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Definition
| Marketing strategy to target potential customers at basic levels such as by ZIP code. |
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Term
| geographic information system (GIS) |
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Definition
| Computer technology that records several layers of data on a single map. |
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Term
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Definition
| Marketing strategy that emphasizes serving a specific market segment by achieving a certain position in buyers’ minds |
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Term
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Definition
| Dividing consumer groups into homogeneous segments on the basis of characteristics such as age, sex, income level, and stage in the family life cycle |
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