Stanley J. Shapiro
Kenneth B. Wong,
Queens School of Business
William D. Perreault,
University of North Carolina
E. Jerome McCarthy,
Michigan State University
| Clustering techniques | Approaches used to try to find similar patterns within sets of data.
(See Refer to page(s) 247)
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| Combined target market approach | Combining two or more submarkets into one larger target market as a basis for one strategy.
(See Refer to page(s) 235)
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| Combiners | Firms that try to increase the size of their target markets by combining two or more segments.
(See Refer to page(s) 235)
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| Determining dimensions | The dimensions that actually affect the customer's purchase of a specific product or brand in a product-market.
(See Refer to page(s) 240)
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| Generic market | A market with broadly similar needs-and sellers offering various and often diverse ways of satisfying those needs.
(See Refer to page(s) 227)
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| Market | A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods and/or services-that is, ways of satisfying those needs.
(See Refer to page(s) 226, 319)
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| Market segment | A relatively homogeneous group of customers who will respond to a marketing mix in a similar way.
(See Refer to page(s) 232)
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| Market segmentation | A two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets to select target markets and develop suitable marketing mixes.
(See Refer to page(s) 231)
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| Multiple target market approach | Segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix.
(See Refer to page(s) 235)
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| Positioning | An approach that refers to how customers think about proposed and/or present brands in a market.
(See Refer to page(s) 248)
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| Product-market | A market with very similar needs-and sellers offering various close substitute ways of satisfying those needs.
(See Refer to page(s) 227)
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| Qualifying dimensions | The dimensions that are relevant to including a customer type in a product-market.
(See Refer to page(s) 240)
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| Segmenters | Firms that aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
(See Refer to page(s) 236)
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| Segmenting | An aggregating process that clusters people with similar needs into a market segment.
(See Refer to page(s) 232)
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| Single target market approach | Segmenting the market and picking one of the homogeneous segments as the firm's target market.
(See Refer to page(s) 235)
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2002 McGraw-Hill Higher Education