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Marketing - Chap 9 Terms

market defines consumer groups accoridng to demographic variables such as gender, age, ethnic group, family life cycle stage and household type, and income
consumer products when all customers are targeted using a single marketing mix
business products dividing an overall market into homogeneous groups base on their locations
target market the division of the total market into smaller, relatively homogeneous groups
market segmentation a group of people wit sufficient purchasing power, authority, and willingness to buy
geographic segmentation groups individuals who exhibit similar behaviors, such as benefits sought, usage rates, and level of brand loyalty
market size seeks to put a product in a certain position, or place, in the minds of prospective buyers
market density targeting several different market segments using a different marketing mix for each segment
demographic segmentation the segment of consumers most likely to purchase a particular item
psychographic segmentation products purchased for use either directly or indirectly in the production of other goods and services for resale
behavior segmentation products bought by ultimate consumers for personal use
undifferentiated marketing (mass marketing) an explanation of how consumers will benefit from the product and why the company is uniquely qualified to provide those benefits
differentiated marketing differentiating population groups according to values and lifestyle factors which are common to the group
concentrated marketing (niche marketing) a graphical illustration of consumers' perceptions of competing products within an industry
positioning the number of individuals residing in a particular geographic market area
value proposition selecting a single market segment and concentrating efforts on profitably satisfying that segment
positioning map the number of residents within a specific geographic area, such as a square mile

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