Marketing Chapter 7 Terminology

Marketing Chapter 7 Terminology - Market group of people...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Market: group of people who, as individuals or as organizations, have needs for product class and have the ability, willingness, and authority to purchase such products Consumer Market: Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profit. Business-to-Consumer markets Business Market: Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations. Business-to-Business markets Undifferentiated targeting strategy: A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product Homogeneous Market: A market in which a large proportion of customers have similar needs for a product Heterogeneous Market: Markets made up of individuals or organizations with diverse needs for products in a specific product class Market segmentation: The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs Market segment: Individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needs Differentiated Targeting Strategy: A strategy in which an organization targets two or more segments by developing a marketing mix for each Segmentation Variables: Characteristics of individuals, groups or organizations used to divide a market into segments Demographic – Age, gender, race, education, income. Geographic – Region, country size, climate Psychographic – Personality, motives, lifestyles. Behavioristic – Volume usage, end use, brand loyalty Market Density: The number of potential customers within a unit of land area Geodemographic segmentation: Marketing segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information Micromarketing: An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets Benefit Segmentation: The division of a market according to benefits that customers want from the product – geographic location, type of organization, customer size, product use Market Potential: The total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity Company sales potential: The maximum percentage of market potential
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern