Target Market
A specific group of customers a company aims to serve
What is a Target Market?
The four P's of Marketing.
What is Product, Price, Place, Promotion.
Identifies a target market and a marketing mix that will satisfy that market's need/want and achieve company objectives.
What is a Marketing Strategy?
Net profit a firm expects from a customer over the entire business relationship.
What is Customer Lifetime Value?
Current products with current markets
What is Market Penetration?
Demographic, Psychographic, Geographic, Behavior
What is Market Segmentation?
A company increases the length of a product warranty from 3 years to 5 years.
A detailed document with objectives, tactics, timelines, and budgets.
What is a Marketing Plan?
Examples include improving product quality/service, implement loyalty programs, and personalize communication with customers.
What is Customer Equity?
Current market and new product
What is Product Development?
Marketing to everyone vs. marketing to a small group of people.
What is Target Marketing vs. Mass Marketing?
Sending press releases and arranging guest appearances for the star of a new TV show.
What is Promotion?
Integrates multiple marketing plans into coordinated activities aligned with company objectives and strategies.
What is a Marketing Program?
New market and current product
What is Market Development?
New product and new market
What is Diversification?