5.6 Key Terms

Key Terms

Partnership-Focused Segment: It is composed of firms that seek trust and reliability on the part of their suppliers and see them as strategic partners (Harrison, et. al., 2010). 5.2

Price-Focused Segment: It is composed of small companies that have low profit margins and regard the good or service being sold as not being strategically important to their operations. 5.2

Quality and Brand-Focused Segment: It is composed of firms that want the best possible products and are prepared to pay for them. 5.2

Service-Focused Segment: It is composed of firms that demand high-quality products and have top-notch delivery and service requirements. 5.2

Achievers: Motivated by the desire for achievement, Achievers have goal-oriented lifestyles and a deep commitment to career and family. Their social lives reflect this focus and are structured around family, their place of worship, and work. 5.2

Accidental Explorers: Spanish preferred, not in a rush to embrace U.S. culture. 5.2

Englightened: Bilingual, technology savvy, driven, educated, modern. 5.2

Advergames: Electronic games sellers create to promote a product or service. 5.2

Behavioural Segmentation: What benefits do customers want, and how do they use the product. 5.2

Believers: Believers are motivated by ideals. They are conservative, conventional people with concrete beliefs based on traditional, established codes: family, religion, community, and the nation. Many Believers express moral codes that are deeply rooted and literally interpreted. 5.2 

Concentrated Marketing: It involves targeting a very select group of customers. 5.3

Customer Profiles: Document that lists key demographics, interests, and behaviours of your target customers;  for example type in your zip code, and you will see customer profiles of the types of buyers who live in your area. 5.2 

Demographic Segmentation: Segmenting buyers by personal characteristics such as age, income, ethnicity and nationality, education, occupation, religion, social class, and family size. 5.2 

Demographic Segmentation: How do the ages, races, and ethnic backgrounds of our customers affect what they buy? 5.2 

Doubting Tomáses: Bilingual, independent, skeptical, inactive, shopping uninvolved. 5.2 

Experiencers: Are motivated by self-expression. As young, enthusiastic, and impulsive consumers, Experiencers quickly become enthusiastic about new possibilities but are equally quick to cool. They seek variety and excitement, savouring the new, the offbeat, and the risky. 5.2 

Family Life Cycle: The stages families go through over time and how it affects people’s buying behavior. 5.2 

FOBrs (Fashionistas On a Budget): Spanish dominant, traditional, but striving for trendy. 5.2 

Geocoding: A process that takes data such as this and plots it on a map. 5.2 

Geodemographics: Combining both demographic and geographic information. 5.2 

Geographic Segmentation: Divides the market into areas based on location and explains why the checkout clerks at stores sometimes ask for your zip code. 5.2 

Innovators: Successful, sophisticated, take-charge people with high self-esteem. Because they have such abundant resources, they exhibit all three primary motivations in varying degrees. They are change leaders and are the most receptive to new ideas and technologies. 5.2 

Just Moved In’rs: Recent arrivals, Spanish dependent, struggling but optimistic. 5.2 

Latin Flavoured: English preferred, reconnecting with Hispanic traditions. 5.2 

Psychographic Segmentation: What do customers think about and value? How do they live their lives? 5.2 

Makers: Like Experiencers, Makers are motivated by self-expression. They express themselves and experience the world by working on it—building a house, raising children, fixing a car, or canning vegetables—and have enough skill and energy to carry out their projects successfully. 5.2 

Mass Marketing: It involves selling the same product to everybody. 5.1

Microtargeting: A new effort to isolate markets and target them. 5.3

Niche Marketing: It involves targeting an even more select group of consumers. 5.3

Multisegment Marketing: Strategy can allow firms to respond to demographic changes and other trends in markets. For example, the growing number of people too old to travel have the option of moving into one of Marriott’s “Senior Living Services” facilities, which cater to retirees who need certain types of care. 5.3

One-To-One Marketing: Steps companies take to target their best customers, form close, personal relationships with them, and give them what they want. 5.1

Perceptual Map: A two-dimensional graph that visually shows where your product stands, or should stand, relative to your competitors, based on criteria important to buyers. 5.4

Positioning: Is how consumers perceive a product relative to the competition. 5.4

Psychographic Segmentation: What do our customers think about and value? How do they live their lives? can help fill in some of the blanks. Psychographic information is frequently gathered via extensive surveys that ask people about their activities, interests, opinion, attitudes, values, and lifestyles. 5.2 

Population Density: The number of people per square mile. 5.2 

Proximity Marketing: An interesting new technology firms are using to segment and target buyers geographically within a few hundred feet of their businesses using wireless technology. 5.2 

Retro Brand: Old brands or products that companies “bring back” for a period of time—were aimed at baby boomers during the recent economic downturn. 5.2 

Tagline: A catchphrase designed to sum up the essence of a product. 5.4

Target Market: The segment(s) or group(s) of people and organizations you decide to sell to. 5.1

The Englightened: Bilingual, technology savvy, driven, educated, modern. 5.2 

Thinkers: Are motivated by ideals. They are mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility. They tend to be well educated and actively seek out information in the decision-making process. 5.2 

Repositioning: An effort to “move” a product to a different place in the minds of consumers. 5.4

Steps in One-to-One Marketing: Establish short-term measures to evaluate your efforts, Identify your customers, Differentiate among your customers, Interact with your customers, targeting your best ones and, Customize your products and marketing messages to meet their needs. 5.1

Strivers: Are trendy and fun loving. Because they are motivated by achievement, Strivers are concerned about the opinions and approval of others. Money defines success for Strivers, who don’t have enough of it to meet their desires. 5.2 

Segmentation Bases: Criteria to classify buyers, to get a fuller picture of its customers and create real value for them. 5.2 

Survivors: live narrowly focused lives. With few resources with which to cope, they often believe that the world is changing too quickly. They are comfortable with the familiar and are primarily concerned with safety and security. 5.2 

SYLrs (Single, Young Latinos): English dominant, free thinkers, multicultural. 5.2 


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