Chapter 8 Vocab - Marketing Management

people or organizations with needs or wants and the ability and willingness to buy

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

characteristics of individuals, groups, or organizations

segmenting markets by region of a country or the world, market size, market density, or climate

segmenting markets by age, gender, income, ethnic background, and family life cycle

a series of stages determined by a combination of age, marital status, and the presence or absence of children

segmenting markets on the basis of personality, motives, lifestyles, and geodemographics

segmenting potential customers into neighborhood lifestyle categories

the process of grouping customers into market segments according to the benefits they seek from the product

dividing a market by the amount of product bought or consumed

a principle holding that 20 percent of all customers generate 80 percent of the demand

business customers who place an order with the first familiar supplier to satisfy product and delivery requirements

business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one

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

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix

a strategy used to select one segment of a market for targeting marketing efforts

one segment of a market

a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each

a situation that occurs when sales of a new product cut into sales of a firm's existing products

developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general

the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings

a positioning strategy that some firms use to distinguish their products from those of competitors

a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds

changing consumers' perceptions of a brand in relation to competing brands