MKTG ch 8 pt1/2

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

• market

• market segment

• market segmentation

• segmentation bases (variables)

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

• market

• market segment

• market segmentation

• segmentation bases (variables)

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

• geographic segmentation

• demographic segmentation

• market segmentation

• psychographic segmentation

characteristics of individuals, groups, or organizations

• market

• market segment

• market segmentation

• segmentation bases (variables)

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

• geographic segmentation

• demographic segmentation

• psychographic segmentation

• geodemographic segmentation

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

• geographic segmentation

• demographic segmentation

• psychographic segmentation

• geodemographic segmentation

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

• family life cycle (FLC)

• 80/20 principle

• target market

• niche

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

• target market

• demographic segmentation

• psychographic segmentation

• benefit segmentation

segmenting potential customers into neighborhoods lifestyle categories

• demographic segmentation

• geodemographic segmentation

• benefit segmentation

• concentrated targeting strategy

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

• benefit segmentation

• usage-rate segmentation

• satisficers

• segmentation bases (variables)