Mktg Chp 8

People or orgs with needs or wants & the ability & willingness to buy

Subgroup of ppl or orgs sharing one or more characteristics that cause them to have similar product needs

Process of dividing a market into meaningful, relatively similar & identifiable segments or groups

Characteristics of indiv groups or orgs

• Benefit
• Demographic
• Geographic
• Geodemographic
• Psychographic
• Usage-rate

Series of stages determined by a combo of age, marital status & the presence of absence of children

Principle holding that 20% of all customers generate 80% of the demand

Biz customers who place an order with the first familiar supplier to satisfy product & delivery requirements

Biz customers who consider numerous suppliers (both familiary & unfamiliar) solicit bids, & study all proposals carefully before selecting one

Grp of ppl or orgs for which an org designs, implements & maintains a mktg mix intended to meet the needs of that grp resulting in mutually satisfying exchanges

Market approach that views the market as 1 big market with no indiv. segments & thus uses a single mktg mix

Strategy used to select 1 segment of a market for targeting mktg efforts (aka a market niche)

chooses 2+ well-defined mkt segments and develops a distrinct mktg mix for each

• Undifferentiated
• Concentrated
• Multisegment

Developing a specific mktg mix to influence potential customers overall perception of a brand, product line or org in general

Changing consumers' perceptions of a brand in relation to competing brands

• Attribute
• Price & Quality
• Use or application
• Product user
• Product class
• Competitor
• Emotion

an individualized mktg method that utilizes customer info to build long-term, personalized and profitable relationships with each customer