key terms

3. A strategy that defines the total market as the target market; also known as mass marketing.
4. The fundamental benefit or solution sought by customers.
6. A description of potential customers in a target market.
7. A strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment.
8. specific characteristics that distinguish market segments according to the benefits sought by customers.
9. The amount spent to attract each new customer who makes a purchase from the company
10. specific characteristics that describes customers, their purchasing power, their consumption patterns, and other factors
12. The parameters used to distinguish one form of market behavior from another.
13. Activities that direct the creation, development, and delivery of value from a business to its customers
14. The combination of product and/or service,pricing,promotion and distribution (place) activities
16. The basic physical product and/or service that delivers the fundamental benefit or solution.
17. A group of customers or potential customers who have purchasing power and unsatisfied needs.
18. a strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each.

1. The gathering, processing, interpreting, and reporting of market information.
2. The division of a market into several smaller groups,each with similar needs.
5. A prediction of how much of a product or service can be sold within a given market during a specified time period.
11. The process of locating and describing potential customers.
13. Measurements that tie specific and repeatable actions to observable results.
15. product/service The basic product and/or service plus and extra or unsolicited benefits to the consumers that may prompt a purchase.