Post on 23-Dec-2015
KEY TERMSUNIT 2
(UNDERSTANDING CUSTOMERS)
Marketing
ID SMALLER GROUP(S) WHOSE MEMBERS SHARE 1
OR MORE CHARACTERISTICS.
Segmentation
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TRY TO APPEAL TO THE ENTIRE MARKET; A “ONE
SIZE FITS ALL” APPROACH.
Mass Marketing
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DIVIDING CONSUMERS INTO MARKETS BASED ON WHERE
THEY LIVE.
Geographic
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MEASURABLE CHARACTERISTICS LIKE AGE, GENDER, RACE, INCOME, AND
EDUCATION.
Demographics
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PEOPLE’S SOCIAL CLASS, LIFESTYLE, AND PERSONALITY.
Psychographics
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HOW AND HOW OFTEN CONSUMERS USE A
PRODUCT.
Product Usage
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THE VALUE OR UTILITY CONSUMERS RECEIVE FROM THE PRODUCT OR SERVICE.
Benefits Derived
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THE TOTAL REVENUE THAT CAN BE OBTAINED FROM THE MARKET SEGMENT.
Market Potential
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THE % OF THE TOTAL MARKET POTENTIAL THAT
EACH COMPANY EXPECTS TO GET IN RELATION TO ITS
COMPETITORS.
Market Share
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COMPANY FOCUSES ITS TIME, MONEY, AND EFFORT
ON 1 SEGMENT THAT WANTS TO & IS ABLE TO THE
PRODUCT.
Target Marketing
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THE STUDY OF CONSUMERS AND HOW THEY MAKE BUYING DECISIONS.
Consumer Behavior
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THE REASONS CUSTOMERS BUY THINGS.
Buying Motives
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THE SENSE OF REGRET ONE HAS AFTER PURCHASING AN
EXPENSIVE ITEM.
Buyer’s Remorse
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HUMANS CANNOT LIVE WITHOUT FOOD, SLEEP, WATER,
SHELTER, AND AIR.
Physical Motives
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PROCESS OF GAINING COMPETITIVE MARKET
INFORMATION.
Marketing Intelligence
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MENTAL CAUSES OF BUYING, INCLUDING
SECURITY, SOCIAL, AND SELF ESTEEM.
Psychological Motives
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FEELINGS EXPRESSED THROUGH AN ASSOCIATION
WITH A PRODUCT (PLEASURE, EXCITEMENT,
FEAR, GUILT).
Emotional Motives
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CONSCIOUS, FACTUAL, AND LOGICAL REASONS LIKE
CONVENIENCE & PERFORMANCE.
Rational Motives
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LOYALTY TO A PRODUCT OR COMPANY.
Patronage Motives
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ALL POTENTIAL CUSTOMERS A COMPANY WOULD LIKE TO
SERVE.
Market
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The End
REVIEWEND