| A | B |
|---|
| market segment | A group of consumers within a larger market who share one or more characteristics. |
| target market | A specific group of consumers a business wants to reach |
| Mass Marketing | An attempt to appeal to a large, general group of consumers. |
| Demographic segmentation | Focuses on information that can be measured such as age, income, profession, education, marital status, and sizeof household. |
| Psychographic segmentation | Focus on characteristics that cannot be measured physically such as values, interest, and lifestyle choices. For example, sports themed restaurants and bars attract those who enjoy watching the games in a setting with other sports fans. |
| Behavioral Based Segmentation | Focuses on a customers attitude towards products and services. |
| Product usage | A category of behavioral based segmentation that focuses on what products you use and how often. |
| product benefits | A category of behavioral based segmentation that is based on the benefits derived from products or services. For example, some people attend sporting events to spend time with family, others attend to show team spirit. |
| Purpose of Mass Marketing | Businesses may use mass marketing when they are unwilling or unable to spend the time or money needed to conduct research and analyze data to identify market segments. The business directs its efforts on the whole market to reach the largest number of consumers. |
| Market share | The percentage of total sales of a product or service that company expects to capture in relation to its competitors. |
| Purpose of Market Segmentation | Businesses try to narrow their marketing efforts to the specific market segments they want to target. |
| Customer service gap | The difference between customer expectations and the service that is actually received. |
| Values- based Culture | One that communicates values through high performance and excellent customer service. |
| The first step of good customer service | Hiring the right employees meaning they should have a positive attitude and look forward to meeting the public. Happy employees are more likely to treat customers well. |
| Proper customer service training | Good customer service training should focus on how to best serve the customers rather than just on how to deal with difficult customers or employee mistakes. |
| FAST strategy - The "F" | The f stands for focus- Focus on such concepts as " being friendly", "providing top value to customers",, and "the customer is always right"s |
| FAST strategy- The "A" | The A stands for Action- Employees must turn their focus into action. |
| FAST Strategy- The "S" | The S stands for search- Employees must search for ways to increase customer satisfaction. |
| FAST Strategy- The "T" | The T stands for tenacity- Frustrated customers are not always easy to deal with, but good customer service agents will remain focused, take action, and persist until the customer is satisfied. |
