Chapter 8 Flashcards Preview

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Flashcards in Chapter 8 Deck (27):
1

People or organizations with needs or wants and the ability and willingness to buy

Market

2

A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

Market Segment

3

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.

Market Segmentation

4

Substainability
Identifiability and measurability
Accessibility
Responsiveness

Criteria for Successful Segmentation

5

Characteristics of individuals, groups, or organizations

Segmentation bases (variables)

6

Segmenting markets by region of a country or the world, market size, market density or climate.

Geographic Segmentation

7

Segmenting markets by age, gender, income, ethnic backgrounds, and family life cycle.

Demographic Segmentation

8

A series of stages determined by a combination of age, marital status, and the presence or absence of children

Family Life Cycle

9

Market segmentation on the basis of personality, motives, lifestyles, and geodemographic

Psychographic Segmentation

10

Segmenting potential customers into neighborhood lifestyle categories

Geodemographic Segmentation

11

The process of grouping customers into market segments according to the benefits the seek from the product.

Benefit Segmentation

12

Dividing a market by the amount of product bought or consumed.

Usage-rate Segmentation

13

A principle holding that 20 percent of all customers generate 80 percent of the demand

80/20 principle

14

Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements

Satisficers

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Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals before selecting one

Optimizers

16

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

Target Market

17

A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix

Undifferentiated Targeting Strategy

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A strategy used to select one segment of a market for targeting marketing efforts

Concentrated Targeting Strategy

19

One segment of a market

Niche

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A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each

Multisegment Targeting Strategy

21

A situation that occurs when sales of a new product cut into sales of a firm's existing products.

Cannibalization

22

An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer

One to one Marketing

23

Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general

Positioning

24

The place a product occupies in consumer's minds relative to competing offerings

Position

25

A positioning strategy that some firms use to distinguish their products from those of competitors

Product differentiation

26

A means of displaying or graphing in two or more dimensions, the location of products, brands, or groups of products in customer's minds

Perceptual mapping

27

Changing consumer's perceptions of a brand in relation to competing brands

Repositioning