Business Terms

1. segmenting the market and picking one of the homogeneous segments as the firm's target market.
4. a type of consumer product on the market that lacks a widely recognized name or logo because it typically isn't advertised.
6. the dimensions that are relevant to including a customer type in a product-market.
9. economic marketplace where final goods or services are traded.
11. segmenting the market and choosing two or more segments, and then treating each as a separate target market needing a different marketing mix.
14. aims at two or more submarkets with the same marketing mix.
15. the dimensions that actually affect the customer's purchase of a specific product or brand in a product-markets
16. subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience
17. refers to people who are grouped together for marketing purposes
18. refers to the practice of identifying and grouping online visitors based primarily on their online browsing

2. a system where customers buy products and services for consumption or sharing with others rather than for reselling.
3. combining two or more submarkets into one larger target market as a basis for one strategy
5. split it up into groups that have similar characteristics.
7. a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities
8. the process of establishing the image or identity of a brand or product so that consumers perceive it in a certain way
10. aggregating prospective buyers into groups with common needs and who respond similarly to a marketing action.
12. defines where your product (item or service) stands in relation to others offering similar products and services in the marketplace as well as the mind of the consumer.
13. the predictive marketing version of segmenting.