TERM 1
Market Segmentation
DEFINITION 1
The process of breaking down all consumers into groups of
potential buyers with similar characteristics
TERM 2
Targeted Market
DEFINITION 2
Choosing select groups of people and organizations to sell to
TERM 3
Mass marketing/ Undifferentiated
marketing
DEFINITION 3
evolved along with mass production and involves selling the
same product to everybody.
TERM 4
Benefits of segmented market
DEFINITION 4
- Avoid head-on competition with other firms tryin g to capture the
same customers - Develop new offerings and expand profitable
brands and products line - Remarket older, less-profitable products
and brands - Identify ear ly adopters Redistribute money and sales
efforts to focus on your most profitable customer -Retain at risk
customers in danger of defecting to y our competitors +
TERM 5
one-to-one marketing
DEFINITION 5
outlines the steps companies can take to target their best
customers, form close, personal relationships with them, and
give them what they wanta process called
