Modification of a concept or object to make it applicable in situations different from originally anticipated.
Adaptation
Focused form of market segmentation that groups consumers based on specific behavioral patterns they display when making purchasing decisions. Grouping patterns may include such behaviors as spending, consumption, lifestyle, usage, and desired benefits.
Behavioral Variables
An end user (not necessarily a purchaser) in the distribution chain of a good or service.
Consumer
General market category where individuals purchase goods and services for personal use; also known as B2C.
Consumer Market
A purchaser of a good or service.
Customer
Collection of information about the target market or a particular consumer, such as age, gender, income level, ethnic background, marital status, location, attitudes, interests, behavior, and more.
Customer Profile
Goods and services that are modified to satisfy a specific customer need.
Customization
Specific factors which identify and distinguish a group of consumers in terms of personal characteristics such as age, gender, income, marital status, ethnicity, education, and occupation.
Demographics
A general market category, this is a nation's internal market where goods and services are bought and sold within the boundaries of a country.
Domestic Market
Segmentation of the market based on location and other related characteristics.
Geographics
Selling the same product and using the same promotion methods across all countries; a form of mass marketing.
Globalization
A commodity, or a physical, tangible item that satisfies some human want or need, or something that people find useful or desirable and make an effort to acquire it.
Good
A general category of markets, this consists of business-to-business sales. One business serves as the buyer, purchasing goods or services from another business. (B2B)
Industrial Market
A general market category; includes consumers abroad in other countries.
International Market
A general group of people or businesses who share similar needs and wants and are capable of purchasing a product.
Market
Research concerned with determining a target market, its size, location, and segmentation within the market.
Market Research
The process of analyzing and classifying customers in a given market to create smaller, more precise target markets.
Market Segmentation
The percentage of total sales earned by a company in a particular industry or product category.
Market Share
Philosophy according to which a firm's goals can be best achieved through identification and satisfaction of the customers' needs and wants.
Marketing Concept
The four basic categories of marketing decisions, called the four Ps: product, place, price, and promotion.
Marketing Mix
A formal written document communicating the goals, objectives, and strategies of a company.
Marketing Plan
The identification of a target market and the marketing mix decisions that focus on that market.
Marketing Strategy
A market strategy used with the aim to reach the largest group of customers possible, while disregarding differences among people.
Mass Marketing
Concentrating all marketing efforts on a small but specific and well defined segment of the population--competing within a narrowly defined market segment with a specialized offering.
Niche Marketing
Factors based on biological necessity to survive.
Need