Marketing Concepts and Strategies

These flashcards cover key concepts in marketing including segmentation, targeting, positioning, supply chain, channel members, and pricing strategies.

Segmentation

The process of dividing consumers into different groups of potential buyers with similar characteristics.

Behavioral Segmentation

Dividing people into groups according to how they behave with or act toward products.

Demographic Segmentation

Dividing consumers based on their demographic characteristics such as age, income, gender, and ethnicity.

Geographic Segmentation

Dividing consumers based on their physical location including size of city, population density, and climate.

Psychographic Segmentation

Segmenting people by their activities, interests, attitudes, and lifestyles.

Market Segmentation Bases

Criteria used to classify and divide buyers into different groups.

Targeted Marketing

Differentiating some aspect of the marketing mix based on different groups of customers.

Mass Marketing

Selling the same product to all consumers; appealing to the largest possible portion of a market.

Niche Market

A very specific segment of consumers who have unique needs.

One-to-One Marketing

Forming close relationships with customers and providing them exactly what they want.

Positioning

How consumers perceive a product relative to other products.

Perceptual Map

A two-dimensional graph that visually shows where products stand relative to competing products based on criteria important to buyers.

Supply Chain

All the organizations that participate in the production, promotion, and delivery of an offering from producer to end consumers.

Channel Members

Firms that promote and sell a product as it travels through its channel to users.

Push Strategy

Approach where promotions target wholesalers, distributors, and retailers to convince them to sell products.

Pull Strategy

A strategy that targets consumers with sales promotions to create demand.

Channel Conflict

A dispute among channel members, often due to differing goals.

Disintermediation

A situation where intermediaries are cut out of marketing channels.

Pricing Strategies

Approaches used to set prices for products and services, considering various market factors.

Break-even Point

The point at which total cost and total revenue are equal; indicates how many units must be sold to start making a profit.