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Chapter 7 | MKTG 3832 - Marketing Management, Quizzes of Marketing Management

Class: MKTG 3832 - Marketing Management; Subject: Marketing; University: East Carolina University; Term: Fall 2010;

Typology: Quizzes

2009/2010

Uploaded on 11/11/2010

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TERM 1
market fragmentation
DEFINITION 1
the creation of many consumer groups due to a diversity of
distinct needs and wants in modern society
TERM 2
target marketing strategy
DEFINITION 2
dividing the total market into different segments on the basis
of customer characteristics, selecting one or more segments,
and developing products to meet the needs of those specific
segments
TERM 3
segmentation
DEFINITION 3
the process of dividing a larger market into smaller pieces
based on one or more meaningfully shared characteristics
TERM 4
segmentation variables
DEFINITION 4
dimensions that divide the total market into fairly
homogeneous groups, each with different needs and
preferences
TERM 5
Generation Y
DEFINITION 5
the group of consumers born between 1979 and 1994
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market fragmentation

the creation of many consumer groups due to a diversity of distinct needs and wants in modern society TERM 2

target marketing strategy

DEFINITION 2 dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments TERM 3

segmentation

DEFINITION 3 the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics TERM 4

segmentation variables

DEFINITION 4 dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences TERM 5

Generation Y

DEFINITION 5 the group of consumers born between 1979 and 1994

demographics

statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure TERM 7

generational marketing

DEFINITION 7 marketing to members of a generation, who tend to share the same outlook and priorities TERM 8

Generation X

DEFINITION 8 the group of consumers born between 1965 and 1978 TERM 9

baby boomers

DEFINITION 9 the segment of people born between 1946 and 1964 TERM 10

metrosexual

DEFINITION 10 a straight, urban male who is keenly interested in fashion, home design, gourmet cooking, and personal care

behavioral segmentation

a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service TERM 17

80/20 rule

DEFINITION 17 a marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product's sales TERM 18

long tail

DEFINITION 18 a new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want, provided that they sell enough different items TERM 19

usage occasions

DEFINITION 19 an indicator used in behavioral market segmentation based on when consumers use a product most TERM 20

targeting

DEFINITION 20 a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers

target market

the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts TERM 22

segment profile

DEFINITION 22 a description of the "typical" customer in a segment TERM 23

undifferentiated targeting strategy

DEFINITION 23 appealing to a spectrum of people TERM 24

differentiated targeting strategy

DEFINITION 24 developing one or more products for each of several distinct customer groups and making sure these offerings are kept in separate in the marketplace TERM 25

concentrated target strategy

DEFINITION 25 focusing a firm's effort on offering one or more products to a single segment

brand personality

a distinctive image that captures a good's or service's character and benefits TERM 32

perceptual map

DEFINITION 32 a technique to visually describe where brands are "located" in consumers' minds relative to competing brands TERM 33

customer relationship management (CRM)

DEFINITION 33 a systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. This allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts TERM 34

touchpoint

DEFINITION 34 any point of direct interface between customers and a company (online, by phone or in person) TERM 35

share of a customer

DEFINITION 35 the percentage of an individual customer's purchase of a product that is a single brand

lifetime value of a customer

the potential profit a single customer's purchase of a firm's products generates over the customer's lifetime TERM 37

customer equity

DEFINITION 37 the financial value of a customer relationship throughout the lifetime of the relationship TERM 38

customer experience management (CEM)

DEFINITION 38 the concept of holistically aligning a firm's people, processes, systems, and strategies, to maximize the customer's experience with all aspects of your firm and its brand