MKTG 373 Chapter Notes - Chapter 4: Customer Relationship Management, Market Segmentation, Marketing Mix
Document Summary
Market: a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services. Generic market: a market with broadly similar needs, and sellers offering various, often diverse, ways of satisfying those needs. Market segmentation: naming broad product-markets; look for basic differences in needs, segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes; look for similarities in needs. Segmenting is an aggregating process; clustering people with similar needs into a market segment. Qualifying dimensions: relevant to including a customer type in a product-market. Determining dimensions: actually affect the customer"s purchase of a specific product or brand in a product-market. Clustering techniques: try to find similar patterns within sets of data; groups customers who are similar on their segmenting dimensions into homogenous segments. Customer relationship management (crm): seller fine-tunes the marketing effort with information from a detailed customer database.
