Glossary of Principles of Marketing

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Created by sschiff0002

Market Segmentation
The process of breaking down all consumers into groups
Targeted Marketing is
Choosing select groups of people to sell to
Mass marketing
Selling the same product to all consumers
One-to-One Marketing
Forming close, personal relationships with customers
Segmentation bases
Criteria used to classify Buyers

Behavioral Segmentation
Dividing People and organizations into groups according to how they behave or act toward products.
Demographic Segmentation
Segmenting buyers by tangible, personal characteristics such as their ages, income, ethnicity, family sizes, and so forth.
Retro Brands
Old brands or product companies bring back for a period of a time.
Electronic games sellers create to promote a product
Family Life cycle
The Stages families go through over time and how it affects people\'s buying behavior
Geographic segmentation
Segmenting buyers by where their physical location
The process of plotting geographic marketing information on a MAP
Combining both demographic and geographic information for marketing purposes.
Customer Profile
The Description of a type of customer based on market segmentation.
Population Density
# of people per SQUARE MILE
Proximity Marketing
Technologically possible-The Process of segmenting buyers geographically and target them within a few hundred feet of a business using wireless technology
Psychographic Segmentation
Segmenting people by their activities interests, opinions, attitudes, values, and lifestyles.
Consumer Insight
An understanding of consumers that results when both quantitative and qualitative information are gathered about them.
--This is a Type of Psychographic--

Successful, sophisticated, take-charge people with high self esteem.

Most receptive to new Ideas.

Very Active Consumers, Seek challenges and like variety

--Type of Psychographic--

Motivated by Ideas. Mature satisfied, comfortable, and reflective people who value order

Durability, Functionality, and Value

--Type of Psychographic--

Motivated by Achievment
Goal-Oriented Lifestyles
Deep Commitment to Carreer and Family

Interested in Time-saving Devices

--Type of Psychographic--

Motivated by Self-Expression
Young and Enthusiastic, Impulsive Consumers

--Type of Psychographic--

Like Thinkers Motivated By Ideas
Young & Enthusiastic, Spend Lots of Money

Seek Variety

--Type of Psychographic--

Trendy and Fun-Loving.
Motivated by Achievment; and Concerned about what others think of them
Money Defines Success

--Type of Psychographic--

Like Experiencers, Motivated by Self Expression

Express themselves by building onto the world around them--Building things, construction activities.

Lots of skill and Energy

--Type of Psychographic--

Live Narrowly Focused lives. With few resources with which to cope they often believe that the world is changing to too quickly
Comfortable with the familiar and are primarily focused with safety and security.

Business 2 Business Segmentation

Price-Focused Segment

Composed of small companies that have low profit margins and regard the good or service being sold as not being strategically important to their operations.
Business 2 Business Segmentation

Quality and Brand Focused Segment

Composed of firms that want the best possible products and are prepared to pay for them
Business 2 Business Segmentation

A Service Focused Segment

Composed of firms that demand high-quality products and have topnotch delivery and service-requirements.
Business 2 Business Segmentation

A Partnership-Focused segment

Composed of firms that seek trust and reliability on the part of their suppliers and see them as strategic partners.
An Attractive Market has the following characteristics
Its Should Be:
-Growing Accessible
-Sizeable enough to be profitable given your operating cost.
-Fits in with your firms objectives and mission.

An UN-Attractive Market has the following characteristics
Already Swamped by competitors and you don\'t stand out.
Isn\'t easily accessible

MultiSegment Marketing
Targeting Multiple groups of consumers
Concentrated Marketing
Targeting a VERY SELECT GROUP of customers.
Niche Marketing
Targeting and Extremely select group of consumers... Much more select market
The Process of gathering multiple sources of data available on people.

Everything from tax info and phone records to magazine subscriptions.

Tailoring a product or its marketing so that it stands out from the competition and people want to buy it.

Perceptual Map
A Two-Dimensioned graph that visually shows where a product stands, or should stand, relative to its competitors.
A Catchphrase designed to sum up the essence of a product
The Process of \"moving\" a product to a different place in the minds of consumers

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