BUS203: Principles of Marketing

Market aggregation
(undifferentiated marketing) Treating an entire market uniformly, making little or no attempt to differentiate marketing effort.

Product differentiation
A marketing strategy that emphasizes distinctive product features with- out recognizing diversity of consumer needs.

Market segmentation
Dividing a total market into several submarkets or segments, each of which is homogeneous in all significant aspects, for the purpose of selecting one or more target markets on which to concentrate marketing effort.

Concentration strategy
Used by an organization that chooses to focus its marketing efforts on only one market segment.

Multi-segment strategy
Used by an organization that chooses to focus its marketing effort on two or more distinct segments.

Ultimate user
An individual or organization that buys and/or uses products or services for their own person al consumption.

Industrial user
An organization that buys products or services for use in their own businesses, or to make other products.

Demographic characteristics
Statistical characteristics of a population often used to segment markets, such as age, sex, family lifecycle, income, or education.

Usage rate
A segmentation base that identifies customers on the basis of the frequency of use of a product.

Purchase occasion
A segmentation base that identifies when they use the product.

User status
A segmentation base that identifies customers on the basis of patterns of use, such as one-time or regular use.

Loyalty
A segmentation base that identifies customers on the basis of purchase patterns of particular brands.

Stage of readiness
A segmentation base that identifies customers on the basis of how ready a customer is to buy.

Psychological segmentation
The use of attitudes, personality, motives, and lifestyle to identify customers.

Attitude
A predisposition to behave in a certain way to a given stimuli.

Personality
All the traits of a person that make him/her unique.