Set: Marketing - Chapter 3

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All 17 Terms

Term Definition
Market segmentation is a two-step process of (1) naming broad product-markets (2) segmenting those broad product-markets in order to select target markets and develop suitable marketing mixes
Qualifying dimensions are those relevant to including a customer type in a product-market
Determining dimensions are those that actually affect the customer’s purchase of a specific product or brand in a product-market
Clustering techniques try to find similar patterns within sets of data. Clustering groups customers who are similar on their segmenting dimensions into homogeneous segments
Positioning refers to how customers think about proposed or present brands in a market. A marketing manager needs a realistic view of how customers think about offerings in the market
Criteria for an ideal segment homogeneous, heterogeneous, substantial, operation
Homogeneous (similar) within –the customers in a market segment should be as similar as possible with respect to their likely responses to marketing mix variables and their segmenting dimensions
Heterogeneous (different) between –the customers in different segments should be as different as possible with respect to their likely responses to marketing mix variables and their segmenting dimensions
Substantial the segment should be big enough to be profitable
Operational the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables
Single target market approach segmenting the market and picking one of the homogeneous segments as the firm’s target market
Multiple target market approach segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix
Combined target market approach combining two or more submarkets into one larger target market as a basis for one strategy
segmenting dimensions behavioral, geographic, demographic
Behavioral needs, benefits sought, thoughts, rate of use, purchase relationship, brand familiarity, kind of shopping, type of problem-solving, information required
Geographic of world, country, region in country, size of city
Demographic income, sex, age, family size, family life cycle, occupation, education, ethnicity, social class
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Terms 17
Creator tim987
Created February 21, 2008
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Tags chapter, king
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tim987 : Changed 1. Single target market approach → segmenting the market and picking one of the homogeneous segments as the firm’s target market to Single target market approach → segmenting the market and picking one of the homogeneous segments as the firm’s target market
tim987 : Changed 2. Multiple target market approach → segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix to Multiple target market approach → segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix
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Most Missed Words

  1. Positioning → refers to how customers think about proposed or present brands in a market. A marketing manager needs a realistic view of how customers think about offerings in the market - 5 misses
  2. Criteria for an ideal segment → homogeneous, heterogeneous, substantial, operation - 5 misses
  3. segmenting dimensions → behavioral, geographic, demographic - 4 misses
  4. Single target market approach → segmenting the market and picking one of the homogeneous segments as the firm’s target market - 3 misses
  5. Qualifying dimensions → are those relevant to including a customer type in a product-market - 2 misses
  6. Determining dimensions → are those that actually affect the customer’s purchase of a specific product or brand in a product-market - 2 misses
  7. Operational → the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables - 2 misses