| A | B |
|---|
| market | people or organizations with needs or wants and the ability and willingness to buy |
| market segment | a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
| market segmentation | the process of dividing a market into meaningful, relatively similar, and indentifiable segments or groups |
| segmentation bases (variables) | characteristics of individuals, groups or organizations |
| geographic segmentation | segmenting markets by region of a country or the world, market size, market density, or climate |
| demographic segmentation | segmenting markets by age, gender, income, ethnic background, and family life cycle |
| family life cycle (FLC) | a series of stages determined by a combination of age, marital status, and the presence or absence of children |
| psychographic segmentation | market segmentation on the basis of personality, motives, lifestyles and geodemographics categories |
| geodemographic segmentation | segmenting potential customers into neighborhood lifestyle |
| benefit segmentation | the process of grouping customers into market segments according to the benefits they seek from the product |
| usage-rate segmentation | dividing a market by the amount of product bought or consumed |
| 80/20 Principle | a principle holding that 20 percent of a customer generate 80 percent of the demand |
| target market | a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges |
| undifferentiated targeting strategy | a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix |
| concentrated targeting strategy | a strategy used to select one segment of a market for targeting marketing efforts |
| niche | one segment of a market |
| multisegment targeting strategy | a strategy that chooses two or more market segments and develops a distinct marketing mix for each |
| cannibalism | a situation that occurs when sales of a new product cut into sales of a firm's existing product |
| one-to-one marketing | an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer |
| positioning | developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general |
| position | the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings |
| product differentiation | a positioning strategy that some firms use to distinguish their products from those of competitors |
| perceptual mapping | a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds |
| repositioning | changing consumers' perceptions of a brand in relation to competing brands |
