-
What is Market Segmentation?
The process of dividing large, diverse markets into smaller submarkets that are more alike and need similar products or marketing mixes.
-
What is a Market Segment?
A submarket or group of customers with similar needs and preferences.
-
How is market segmentation used?
To find out what kinds of customer groups exist w/in the total market for a product, then determine which market segments to pursue and how to appeal to those segments.
-
What is Single Variable Segmentation?
Uses only 1 characteristic, like income, to segment a market.
-
What is Multivariable Segmentation?
Uses a combo of characteristics, like income and gender, to segment a market.
-
What is Consumer Market?
A market that consists of ppl who buy product for personal/family use.
-
What are Organizational Markets?
Markets that consist of individuals or formal organizations that buy product for business purposes.
-
Geographic Segmentation
A method of dividing the total market for a product based on the needs & desires of populations in different jurisdictions or physical locations.
-
Micro-insurance
Protection against insurable risks of assets and lives of target populations such as micro entrepreneurs, small farmers, the landless, women, and low income earners through formal, semi-formal or informal institutions.
-
Psychographic Segmentation
Method of dividing total consumer market for a product or svc based on multiple characteristics that describe consumers' attitudes, beliefs, opinions, values, lifestyles, activities, and interests.
-
Persona
A model created by a co's marketing staff used to represent a particular demographic portion of a market segment to better understand the habits, needs, and motivations of consumers in that segment.
-
Behavioristic Segmentation
A method of dividing the total market for a product according to consumers' behavior toward a product or company.
-
Benefit Segmentation
A type of behavioristic segmentation in which the benefits that prospective consumers seek are used to segment markets.
-
North American Industry Classification System (NAICS)
The official system used in North America to categorize businesses according to the type of economic or business activity in which they are involved.
-
Single-employer Group
A group made up of the employees of one company.
-
Multiple Employer Group
A group consisting of the employees of (1) 2 or more employers in the same industry, (2) or more labor unions, or (3) one or more employers and one or more labor unions.
-
Debtor-Creditor Group
Group consisting of lending institutions, such as banks, credit unions, savings & loan associations, finance companies, retail merchants, and credit card companies, and their debtors.
-
Affinity Group
A group formed when individuals with common needs, interests, and characteristics communicate regularly with each other.
-
Target Marketing
The process co's use to evaluate each identified market segment and then select one or more segments as the focus for their marketing efforts.
-
Undifferentiated Marketing
A target mktng strategy that involves defining the total market for a product as the target market and designing a single marketing mix directed toward the entire market. AKA mass marketing.
-
Concentrated Marketing
A target marketing strategy that involves focusing all of a co's marketing resources on satisfying the needs of one segment of the total market for a particular type of product.
-
Niche Marketing
A form of concentrated marketing where co's target small narrowly defined subgroups w/in a segment that attract only one or a few competitors.
-
Differentiated Marketing
A target marketing strategy that aims to satisfy the needs of a large part of the total market for a particular type of product by offering a number of products and marketing mixes designed to appeal to different segments of the total market.
-
One-to -one Marketing
A type of target marketing strategy where the marketing mix is customized for each individual consumer or consumers in a specific location. AKA micromarketing.
-
One-To-Few Marketing
A type of target marketing strategy where the marketing mix is aimed at a particular group of customers with similar characteristics, needs, or past buying behavior and personalized to some extent. AKA one-to-some marketing.
-
Negotiated Trusteeship (Taft-Hartley Group)
A multiple employer group that results form a collective-bargaining agreement b/t one of more unions and employers of union members. AKA a Taft-Hartley Group.
-
Voluntary trade association
A multiple employer group that consists of individual employers that work in similar industries and have common business interests.
-
Multiple-Employer Welfare Arrangement (MEWA)
A multiple employer group formed when small employers band together to offer group insurance and other benefits to their employees.
|
|
