| A | B |
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| Market Segmentation | consists of dividing a heterogeneous market into a number of smaller, more homogeneous submarkets. |
| Targeting | one meanigful segments: concentrate its efforts on satisfying those selected parts of the market. focus an target |
| Target Market | market segment or group of buyers toward which an organization decides its marketing plan |
| Undifferentiated Marketing | Marketing effort not for just one specific market, but designed to appeal to broad range of customers. appropriate when market lacks diversity |
| Concentrated Marketing | Marketing mix and direction of marketing efforts and resources to appeal to single market segment |
| 20/80 Principle | In marketing, a principle describing the fact that usually realitevly small percentage of customers accounts for disproportionately large share of a product |
| Major Fallacy | the blind pursuit of the largest, or most easily identified, or most accessible market segment error lies in ignoring that other markets will be pursuing the same segment |
| Differentiated | marketing effort in which a marketer selects more than one target market and developes a marketing mix for each also known as multiple market segmentation |
| Custom Marketing | a marketing effort in which a marketer seeks to staisfy each customer's unique set of needs. each customer is an individual maket segment |
| Mass Customization | a strategy that combines mass production with computers to customize products for small market segments |
| Socioeconomic Variables | demographic characteristics that reflect an individula's social position or economic standing in society |
| Lifestyle | An individual's activities, interests, opinions, and values as they affect his or her mode of living |
| Psychographics | Quantitative measures of lifestyle |
| Geodemographic Segmentation | a type of market segmentation in which consumers are grouped by demographic and lifestyle variables, such as income and age, and geographic variable |
| Behavior Pattern Segmentation (exe) | heavy users vs. light users Zippo. Zippo found 30 percent of consumers were collecters. established collecter lighters |
| Segmenting Business Markets (4 ways) | (1) geography, (2) organizational characteristics, (3) Perchase behavior and usage patterns,(4) Organizational predisposition or policy |
| Market Position | the way cunsumers precive a brand relative to its competition |
| Head-to-Head Competition | positioning a product to occupy the same market as a competitor |
| Repositioning | changing the market position of a product |
