Ch 1& 2 Market Segmentation
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Created by:
nlassiter on January 15, 2009
Classes:
Bell Marketing, Lassiter Marketing
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29 terms
Terms | Definitions |
|---|---|
 marketing concept | Determine what will satisfy the customers' needs and wants; Convince the customer that their goods are better than the competitions'; Operate on a profit |
| needs | Items necessary for survival |
| wants | Items you would like to have but that are not necessary for survival |
| customer relationship management | CRM - Apply customer data (demographic, buying history, etc) to every communication |
| consumer market | people who purchase for personal use |
| industrial market | B2B, all businesses that buy products for use in their operations or for resale |
| market share | A firm's percentage of the total sales volume generated by all competitors in a given market |
| marketing mix | product, price, place, promotion, 5th P = PEOPLE |
| product strategies | What to make? How to package? brand name to use? |
| place strategies | how a product will be distributed, where is it sold? |
| price strategies | how much to charge? what customers are willing to pay? |
| promotion strategies | Decisions about advertising, personal selling, sales promotions, and publicity |
| mass marketing | Using a single marketing plan to reach all customers/consumers |
| target market | The group that is identified for a specific marketing program |
| customers | people who buy the product |
| consumers | people who use the product |
| market segmentation | Process of classifying customers by shared needs and wants |
| discretionary income | money left after paying for basic living expenses such as bills (mortgage, insurance, phone, etc.) |
| disposable income | money left on your paycheck after paying taxes |
| geographics | targeting consumers based on where they live, climate, etc. |
| psychographics | consumer's lifestyle, values, attitudes, interests |
| demographics | age, race, income level, education, gender, religion, marital status |
| behavioral segmentation | describes the benefits the consumer receives by purchasing the product; how often the product is purchased and used by the consumer; loyalty status |
| Generation X | 1961-1980; cell phones, pagers, cassette tapes and Nintendo were popular |
| Generation Y | 1981 - 2001; Nexters; the Internet began, era of technology, smaller cell phones, MP3 Players, CD and DVD players; generation of tolerance, socially conscious, high level of volunteerism |
| Generation Z | 2002 - Present; tweens with over $500B in spending power; iPhones |
| Silent Generation | 1925-1945, born during the Great Depression, save money, not wasteful, WWII |
| GI Generation | 1900 - 1924, born during WWI |
| Baby Boomer Generation | 1946 - 1960, the largest generation, born to people who came home from war |
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