Chapter 5 Key Terms

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Consumer Market

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Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits or serve an organizational need.

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Business Market

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Individuals or groups that purchase a specific kind of product for resale, direct use in producing products or use in general daily operations.

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Target Market

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Consumers for whom a business creates & maintains a marketing mix.

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Homogeneous Market

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A market in which a large proportion of customers have similar needs for a product.

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Heterogeneous Market

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A market made up of individuals or organizations with diverse needs for products in a specific product class.

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Market Segmentation

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The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.

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Market Segment

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Individuals, groups or organizations sharing one or more similar characteristics that cause them to have similar product needs.

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Segmentation Variables

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Characteristics of individuals, groups or organizations used to divide a market into segments.

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Market Density

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The number of potential customers within a unit of land area.

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Benefit Segmentation

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The division of a market according to benefits that consumers want from the product.