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Related Flashcards
Related Topics
Cards In This Set
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People or organizations with needs or wants and the ability and willingness to buy
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Market
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A subgroup of people or organizations sharing one or more characteristics that cause them to have similar products needs
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Market segment
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The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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Market segmentation
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Characteristics of individuals, groups, or organizations
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Segmentation bases (variables)
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Geographic segmentation
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Segmenting markets by region of a country or the world, market size, market density, or climate
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A series of stages determined by a combination of age, marital status, and the presence or absence of children
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Family life cycle (FLC)
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Market segmentation on the basis of personality, motives, lifestyles, and geodemographics
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Psychodemographic segmentation
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Segmenting potential customers into neighborhood lifestyle categories
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Geodemographic segmentation
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The process of grouping customers into market segments according to the benefits they seek from the product
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Benefit segmentation
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Dividing a market by the amount of product bought or consumed
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Usage-rate segmentation
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A principle holding that 20 percent of all customers generate 80 percent of the demand
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80/20 principle
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Describe the characteristics of markets and market segments
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A market is composed of individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants. A market segment is a group of individuals or organizations with similar product needs as a result of one ore more common characteristic.
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Business customer who place an order with the first familiar supplier to satisfy product and deliver requirements
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Satisficers
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Business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one
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Optimizers
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A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
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Undifferentiated targeting strategy
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