Marketing Strategy - Chapter 5: Customers, Segmentation, and Target Marketing

These flashcards cover key terminology and concepts related to customers, market segmentation, and target marketing strategies as outlined in Chapter 5 of the lecture notes.

Market Segmentation

The process of dividing a total market into smaller, homogeneous groups of consumers with similar needs, wants, and characteristics.

Consumer Decision Journey

A model detailing the various stages of consumer behavior from need recognition to post-purchase experience.

Evoked Set

The small group of brands a consumer considers when making a purchasing decision.

Needs Recognition

The first stage in the consumer decision-making process where a consumer identifies a need that is not being satisfied.

Active Evaluation

The stage where consumers assess the new information about products and narrow down their choices before making a purchase.

Post-Purchase Experience

The consumer's evaluation of a product after purchase, affecting future purchase behavior and brand loyalty.

Buyer Behavior in Business Markets

The process of identifying, evaluating, and purchasing goods and services for production or resale in business contexts.

Demographic Segmentation

A market segmentation approach based on measurable characteristics such as age, gender, income, and education.

Psychographic Segmentation

A segmentation approach that categorizes consumers based on their lifestyles, values, attitudes, interests, and personalities.

One-to-One Marketing

A strategy focused on creating a unique marketing program for each individual customer, often used in luxury and personalized products.