1. Market
    Group of people with sufficient purchasing power, authority, and willingness to buy
  2. Target market
    Group of people to whom a firm decides to direct its marketing efforts and ultimately its goods and servies
  3. Consumer products
    products bought by ultimate consumers for personal use
  4. Business products
    Goods and service purchased for use either directly or indirectly in the production of other goods and services for resale
  5. Market segmentation
    Division of the total market into smaller,relatively homogeneous groups
  6. Geographic segmentation
    Division of an overall market into homogeneous groups based on their locations
  7. Core based statistical area (CBSA)
    Collective term for metropolitan and micropolitan statistical areas
  8. Metropolitan statistical area (MSA)
    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
  9. Micropolitan
    Area with at least one town of 10,000 to 49,999 people with proportionally few of its residents commuting to outside the area
  10. Consolidated metropolitan statistical area (CMSA)
    Urban area that includes two or more PMSAs
  11. Primary metropolitan statistical area (PMSA)
    Urbanized country or set of countries with social and economic ties to nearby areas
  12. Core region
    Region from which most major brands get 40 to 80 percent of their sales
  13. Geographic information systems (GISs)
    Software packages that assemble,store,manipulate,and display data by their location
  14. Demographic segmentaiton
    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
  15. Cohort effect
    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
  16. Video game generation
    During the cohort's formative years,while their preferences and behaviors were being shaped, so too were video games
  17. Family lifestyle
    Process of family formation and dissolution
  18. Engel's Law
    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
  19. Psychographic segmentation
    Division of a population into groups,having similar attitudes, values, and lifestyles
  20. AIO Statements
    Items on lifestyle surveys that describe various activities,interests,and respondents opinions
  21. VALS
    Segmentation system that divides consumers into eight psychographic categories: innovators,thinkers,achievers,experiencers,believers,strivers,markers, and survivors
  22. Product-related segmentation
    Division of a population into homogeneous groups based on their relationships to a product
  23. 80/20 Prinicple
    Generally accepted rule that 80 percent of a product's revenues come from 20 percent of its concumers
  24. Undifferentiated marketing
    Strategy that focuses on producing a single product and marketing it to all customers; also called mass marketing
  25. Differentiated marketing
    Strategy that focuses on producing several products and pricing,promoting,and distributing them with different marketing mixes designed to satisfy smaller segments
  26. Concentrated (or niche) marketing
    Focusing marketing efforts on satisfying a single market segment
  27. Micromarketing
    Targeting potential customers at very narrow,basic levels such as by Zip code,specific occupation,or lifestyle-possibly even individuals themselves
  28. Four basic determinants of a market-specific strategy:
    • 1. Company resources
    • 2. Product homogeneity
    • 3. Stage in the product life cycle
    • 4. Competitor's strategies
  29. Positioning
    Placing a product at a certain point or location within a market in the minds of prospective buyers
  30. Positioning map
    Tool that helps marketers place products in a market by graphically illustrating consumer's perceptions of competing products within an industry
  31. Repositioning
    Changing the position of a product within the minds of prospective buyers relative to the positions of competing products
Card Set
Market: Segmentation,targeting,and positioning