Marketing Chapter 8

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  1. Market Fragmentation
    Creation of many consumer groups due to a diversity of distinct needs and wants in modern society
  2. Target marketing strategy
    Dividing the total market into different segments based on customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments.
  3. Have I studied the answers to tyk answers?
  4. Segmentation
    The process of dividing a larger market into smaller pieces based on one or more meaningful, shared characteristics
  5. Segmentation Variables
    Dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences.
  6. Generation Y
    The group of consumers born between 1977 and 1994
  7. Generation X
    The group of consumers born between 1965 and 1976
  8. Baby boomers
    Sgment of people born between 1946 and 1964
  9. Geodemography
    Segmentation technique that combines geography with demographics
  10. VALS
    Values and Lifestyles: Psychographic system that divides the entire US population into eight segments
  11. Behavioral Segmentation
    Technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service
  12. 80/20 rule
    A marketing rule of thumb that 20 percent of purchasers account for 80 percent of sales
  13. Usage Occasions
    Indicator used in one type of market segmentation based on when consumers use a product most
  14. Target Market
    Group or groups that a firm selects to turn into customers as a result of segmentation and targeting
  15. Segment Profile
    A description of the "typical" customer in a segment
  16. Differentiated Targeting Strategy
    Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace
  17. Concentrated targeting strategy
    Focusing a firm's efforts on offering one or more products to a single segment
  18. Custom Marketing Strategy
    Approach that tailors specific products and the messages about them to individual customers
  19. Mass customization
    Aporach that modifies a basic good or service to meet the needs of an individual
  20. Positioning
    Developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition
  21. Repositioning
    Redoing a product's position to respond to marketplace changes
  22. Brand Personality
    A distinctive image that captures a good or service's character and benefits
  23. Perceptual Map
    A vivid way to construct a picture of where products or brands are "located" in customers' minds
  24. Share of customer
    The percentage of an individual customer's purchase of a product that is a single brand
  25. Customer's lifetime value
    The potential profit generated by a single customer's purchase of a firm's products over the customer's lifetime
  26. Customer Equity
    The financial value of a customer relationship throughout the lifetime of the relationship
Card Set
Marketing Chapter 8
Marketing Chapter 8
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