Exam Review

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Topics: Marketing
Chapter 5
Consumer market: consists of purchasers and household members who intend to consume or benefit from the purchased products and do not buy products for the main purpose of making a profit. Consumer markets are sometimes also referred to as business-to-consumer (B2C) markets. Each of us belongs to numerous consumer markets. Page 119
Business market: consists of individuals or groups that purchase a specific kind of product for one of three purposes: resale, direct use in producing other products, or use in general daily operations. Business markets also may be called business-to-business (B2B), industrial, or organizational markets. They also can be classified into producer, reseller, government, and institutional markets Page 120
Undifferentiated targeting strategy: When a company designs a single marketing mix and directs it at the entire market for a particular product Page 120
Homogeneous market: First, a large proportion of customers in a total market must have similar needs for the product, Page 122
Heterogeneous market: A market made up of individuals or organizations with diverse product needs Page 122
Market segmentation: is the process of dividing a total market into groups, or segments, that consist of people or organizations with relatively similar product needs. The purpose is to enable a marketer to design a marketing mix that more precisely matches the needs of customers in the selected market segment. Page 122
Market segment: consists of individuals, groups, or organizations that share one or more similar characteristics that cause them to have relatively similar product needs Page 122
Concentrated targeting strategy: When an organization directs its marketing efforts toward a single market segment using one marketing mix Page 123
Differentiated targeting strategy: an organization directs its marketing efforts at two or more segments by developing a marketing mix for each segment (refer to Figure 5.2). After a firm uses a

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