Market CH6-7 Flashcards

These flashcards cover essential vocabulary related to marketing strategies and product classifications.

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Targeting

Evaluating market segments' attractiveness and selecting one or more segments to serve.

Differentiation

Distinguishing the market offering to create superior customer value.

Positioning

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products.

Demographic Segmentation

Dividing a market based on age, gender, income, religion, ethnicity, education, etc.

Geographic Segmentation

Dividing a market based on region and geographic location.

Psychographic Segmentation

Dividing a market based on lifestyle and personality characteristics.

Behavior Segmentation

Dividing a market based on consumer behaviors, loyalty status, and purchasing habits.

Consumer Products

Products bought by final consumers for personal consumption.

Convenience Products

Products that are frequently purchased with minimal effort.

Specialty Products

A big purchase that requires considerable thought before buying.

Unsought Products

Products that consumers don't think about buying until they need them.

Customer Experiences

Market offerings with a strong sensory or emotional component that play out over time.

Product Quality

The ability of a product or service to perform as expected and is closely linked to customer satisfaction.

Brand Equity

Marketing effects and outcomes that accrue to a product.

Intangibility

A characteristic of services indicating they cannot be seen, touched, or smelled.

Inseparability

Services produced and consumed at the same time.

Variability

The tendency of services to vary in performance, even when given by the same provider.

Perishability

The inability to store services for later sale or consumption.

Four Ps of Marketing

Product, Price, Place, Promotion—elements used in marketing strategy.

Product Mix Decisions

Consists of all the product lines and items that a seller offers for sale.