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17 terms

Marketing Principles - 6

Summary of marketing principles chapter 6
STUDY
PLAY
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.