Marketing

Group of people with sufficient purchasing power, authority, and willingness to buy

Group of people to whom a firm decides to direct its marketing efforts and ultimately its goods and servies

products bought by ultimate consumers for personal use

Goods and service purchased for use either directly or indirectly in the production of other goods and services for resale

Division of the total market into smaller,relatively homogeneous groups

Division of an overall market into homogeneous groups based on their locations

Collective term for metropolitan and micropolitan statistical areas

Freestanding urban area with a population in the urban center of at least 50,000 and a total MSA population of 100,000 or more

Area with at least one town of 10,000 to 49,999 people with proportionally few of its residents commuting to outside the area

Urban area that includes two or more PMSAs

Urbanized country or set of countries with social and economic ties to nearby areas

Region from which most major brands get 40 to 80 percent of their sales

Software packages that assemble,store,manipulate,and display data by their location

Division of an overall market into homogeneous groups based on variables such as gender,age,income,occupation,education,sexual orientation,household size, and stage in the family lifecycle; also called socioeconomic segmentation

Tendency of members of a generation to be influenced and bound together by events occuring during their key formative years-roughly ages 17 to 22

During the cohort's formative years,while their preferences and behaviors were being shaped, so too were video games

Process of family formation and dissolution

Three general statements about the impact of household incomes on consumer spending behavior; as household income increases, a smaller percentage of expenditures goes for food; the percentage spend on housing,household operations, and clothing remains constant; and the percentage spend on other items (such as recreation and education) increases

Division of a population into groups,having similar attitudes, values, and lifestyles

Items on lifestyle surveys that describe various activities,interests,and respondents opinions

Segmentation system that divides consumers into eight psychographic categories: innovators,thinkers,achievers,experiencers,believers,strivers,markers, and survivors

Division of a population into homogeneous groups based on their relationships to a product

Generally accepted rule that 80 percent of a product's revenues come from 20 percent of its concumers

Strategy that focuses on producing a single product and marketing it to all customers; also called mass marketing

Strategy that focuses on producing several products and pricing,promoting,and distributing them with different marketing mixes designed to satisfy smaller segments

Focusing marketing efforts on satisfying a single market segment

Targeting potential customers at very narrow,basic levels such as by Zip code,specific occupation,or lifestyle-possibly even individuals themselves

• 1. Company resources
• 2. Product homogeneity
• 3. Stage in the product life cycle
• 4. Competitor's strategies

Placing a product at a certain point or location within a market in the minds of prospective buyers

Tool that helps marketers place products in a market by graphically illustrating consumer's perceptions of competing products within an industry

Changing the position of a product within the minds of prospective buyers relative to the positions of competing products