Term
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Definition
| 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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Definition
| a market with broadly similar needs-and sellers offering various, often diverse, ways of satisfying those needs. |
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Definition
| 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
| a two step process (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes |
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Definition
| an aggregateing process-clustering people with similar needs into a "market segment" |
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Definition
| a relatively homogeneous group of customers who will respond to a marketing mix in a similar way |
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| single target market approach |
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Definition
| segmenting the market and picking one of the homogeneous segments as the firm'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 seperate target market needing a different marketing mix |
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| combined target market approach |
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Definition
| combining two or more submarkets into one larget target market as a basis for one strategy |
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Definition
| those who try to increase the size of their target markets by combining two or more segments |
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Definition
| those who 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
| dimensions relevant to including a customer type in a product-market |
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Definition
| dimensions that actually affect the customer's purchase of a specific product or brand in a product-market |
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Definition
| technique that tries to find similar patterns withing sets of data |
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Term
| customer relationship management (CRM) |
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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
| how customers think about proposed or present brands in a market |
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