14 terms

Marketing Chap 4 Vocab

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Terms in this set (...)

Market
Group of potential customers with similar needs who are willing to exchange something of value....
Generic market
Market with broadly similar needs
Product market
Very similar needs and sellers offering various close substitute ways of satisfying those needs
Segmenting
Clustering people with similar needs into a "market segment"
Market segment
Homogeneous group of customers who will respond to a marketing mix in a similar way
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, and 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
Combiners
Try to increase the size of their target markets by combining two or more segments
Segmenters
Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment
Qualifying dimensions
Those relevant to including a customer type in a product-market
Determining dimensions
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
Customer relationship management
Seller fine-tunes the marketing effort with information from a detailed customer database