MatO's Marketing 101 Ch 04

  1. Market
    A group of potential customers with similar needs who are wiling to exchange something of value with sellers offering various goods or services - that is, ways of satisfying those needs
  2. Generic Market
    A market with broadly similar needs - and sellers offering various and often diverse ways of satisfying those needs
  3. Product-Market
    A market with very similar needs - and sellers offering various close substitute ways of satisfying those needs
  4. Market Segmentation
    • A two-step process of
    • 1) naming broad product-markets
    • 2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes
  5. Segmenting
    An aggregating process that clusters people with similar needs into a market segment
  6. Market Segment
    A relatively homogeneous group of customers who will respond to a marketing mix in a similar way
  7. Single-Target Market Approach
    Segmenting the market and picking one of the homogeneous segments as the firm's target market
  8. Multiple-Target Market Approach
    Segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix
  9. Combined Target Market Approach
    Combining two or more sub-markets into one larger target market as a basis for one strategy
  10. Combiners
    Firms that try to increase the size of their target markets by combining two or more segments
  11. Segmenters
    Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment
  12. Qualifying Dimensions
    The dimensions that are relevant to including a customer type in a product-market
  13. Determining Dimensions
    The dimensions that actually affect the customer's purchase of a specific product or brand in a product-market
  14. Clustering Techniques
    Approaches used to try to find similar patterns within sets of data
  15. Customer Relationship Management (CRM)
    An approach where the seller fine-tunes the marketing effort with information from a detailed customer database
  16. Positioning
    An approach that refers to how customers think about proposed or present brands in a market
Card Set
MatO's Marketing 101 Ch 04
Vocab Ch 04