Marketing Chapter 8

Creation of many consumer groups due to a diversity of distinct needs and wants in modern society

Dividing the total market into different segments based on customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments.

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The process of dividing a larger market into smaller pieces based on one or more meaningful, shared characteristics

Dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences.

The group of consumers born between 1977 and 1994

The group of consumers born between 1965 and 1976

Sgment of people born between 1946 and 1964

Segmentation technique that combines geography with demographics

Values and Lifestyles: Psychographic system that divides the entire US population into eight segments

Technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service

A marketing rule of thumb that 20 percent of purchasers account for 80 percent of sales

Indicator used in one type of market segmentation based on when consumers use a product most

Group or groups that a firm selects to turn into customers as a result of segmentation and targeting

A description of the "typical" customer in a segment

Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace

Focusing a firm's efforts on offering one or more products to a single segment

Approach that tailors specific products and the messages about them to individual customers

Aporach that modifies a basic good or service to meet the needs of an individual

Developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition

Redoing a product's position to respond to marketplace changes

A distinctive image that captures a good or service's character and benefits

A vivid way to construct a picture of where products or brands are "located" in customers' minds

The percentage of an individual customer's purchase of a product that is a single brand

The potential profit generated by a single customer's purchase of a firm's products over the customer's lifetime

The financial value of a customer relationship throughout the lifetime of the relationship