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Chapter_8_Glossary - Chapter 8 Glossary 80/20 principle a...

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Chapter 8 Glossary 80/20 principle a principle holding that 20 percent of all customers generate 80 percent of the demand benefit segmentation the process of grouping customers into market segments according to the benefits they seek from the product cannibalization a situation that occurs when sales of a new product cut into sales of a firm’s existing products concentrated targeting strategy a strategy used to select one segment of a market for targeting marketing efforts demographic segmentation segmenting markets by age, gender, income, ethnic background, and family life cycle family life cycle (FLC) a series of stages determined by a combination of age, marital status, and the presence or absence of children geodemographic segmentation segmenting potential customers into neighborhood lifestyle categories geographic segmentation segmenting markets by region of a country or the world, market size, market density, or climate market
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