MatO's Marketing 101 Ch 04

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

A market with broadly similar needs - and sellers offering various and often diverse ways of satisfying those needs

A market with very similar needs - and sellers offering various close substitute ways of satisfying those needs

• 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

An aggregating process that clusters people with similar needs into a market segment

A relatively homogeneous group of customers who will respond to a marketing mix in a similar way

Segmenting the market and picking one of the homogeneous segments as the firm's target market

Segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix

Combining two or more sub-markets into one larger target market as a basis for one strategy

Firms that try to increase the size of their target markets by combining two or more segments

Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment

The dimensions that are relevant to including a customer type in a product-market

The dimensions that actually affect the customer's purchase of a specific product or brand in a product-market

Approaches used to try to find similar patterns within sets of data

An approach where the seller fine-tunes the marketing effort with information from a detailed customer database

An approach that refers to how customers think about proposed or present brands in a market