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
Generic Market
A market with broadly similar needs - and sellers offering various and often diverse ways of satisfying those needs
Product-Market
A market with very similar needs - and sellers offering various close substitute ways of satisfying those needs
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
Segmenting
An aggregating process that clusters people with similar needs into a market segment
Market Segment
A relatively homogeneous group of customers who will respond to a marketing mix in a similar way
Single-Target Market Approach
Segmenting the market and picking one of the homogeneous segments as the firm's target market
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
Combined Target Market Approach
Combining two or more sub-markets into one larger target market as a basis for one strategy
Combiners
Firms that try to increase the size of their target markets by combining two or more segments
Segmenters
Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment
Qualifying Dimensions
The dimensions that are relevant to including a customer type in a product-market
Determining Dimensions
The dimensions that actually affect the customer's purchase of a specific product or brand in a product-market
Clustering Techniques
Approaches used to try to find similar patterns within sets of data
Customer Relationship Management (CRM)
An approach where the seller fine-tunes the marketing effort with information from a detailed customer database
Positioning
An approach that refers to how customers think about proposed or present brands in a market