Involves Aggregating prospective buyers into groups that
1) have commin needs
2) will respond similarly to a marketing action
The relatively homogeneous groups of prospective buyers that result from the market segmentation process. Each consists of people who are relatively similar to each other in terms of their consumption behavior.
This strategy involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products.
The quantity consumed or patronage (store visits) during a specific period
Framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.
usage rate is sometimes referred to as this. This concept suggests that 80% of a firm's sales are obtained from 20% of its customers.
A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands as well as a firm's own product or brand.
Refers to the place a product occupies in consumers' minds on important attributes relative to competitive products.
Changing the place a product occupies in a consumers mind relative to competitive products
A good, service or idea consisting of tangible and intangible features that satisfies consumer's needs and is received in exchange for money or something else of value
Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
Products purchased by the ultimate consumer
Products organizations buy that assist directly or indirectly in providing other products for resale
A specific product that has a unique brand, size or price
A group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outles or prices
All the product lines offered by a company
The four unique elements that distinguish services from goods: