Marketing Principles - 6

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Summary of marketing principles chapter 6

Market

A group of customers with heterogenous needs and wants

Market Segments

Subgroups within the total market that are relatively similar in regards to certain characteristics

Target Marketing

An approach to marketing based in identifying, understanding and developing an offering for those segments of the total market that the organisation can best serve

Differentiated Targeting Strategy

A marketing approach that involves developing a different marketing mix for each target market segment

Product Specialisation

A target strategy in which all marketing efforts are concentrated on offering a single product range to a number of market segments

Market Specialisation

A target marketing strategy in which all marketing efforts are focused on meeting a wide range of needs within a particular market segment

Product-Market Specialisation

A target marketing strategy in which marketing efforts are concentrated on offering a single product to a single market segment.

Segmentation Variables

Characteristics that Byers have in common and that might be closely related to their purchasing behaviour.

Geographic Segmentation

Market segmentation based on variables related to geography, such as climate and region.

Demographic Segmentation

Market segmentation based on demographic variables, which are the vital and social charactertisitcs of populations, such as age, education and income.

Psychographic Segmentation

Market segmentation based on the psychographic variables of lifestyle, motives and personality attributes.

Behavioural Segmentation

Market segmentation based on actual purchase and/or consumption behaviours

Positioning

The way in which the market perceives an organisation, it's products and it's brands in relation to competing offerings

Market Potential

The total sales of a product category that all organisations in an industry are expected to sell in a specified period of time assuming a specific level of marketing activity

Sales Revenue

Total volume of sales multiplied by the average selling price

Market Share

The proportion of the total market held by the organisation

Market Segment Profile

A description of the typical potential customer in the market segment; that is, a description of the common variables shared by members of market segments and how the variables differ between market segments.

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