MARKETER'SVOCABULARY 49
Summary
Theconceptofa marketwasexaminedinthischapter. It wasdefinedfromthreeperspectives:peo-
ple,place,andeconomicactivity.Inaddition,thefourtypesofmarketswerediscussed.Thebulkof
thischapterdealtwiththetwogeneralmarketingapproachestowardthemarket:undifferentiated(aggre-
gated)andsegmental.Theformerwasdefinedastheassumptionthatthemarketishomogeneous
anddevelopingseparatestrategiesisunnecessary.Thelatterwasdefinedastheacknowledgement
thatmarkets containsubmarketsknownassegments,whichmust beevaluatedaspotentialtargetmar-
kets.Theremainderofthe chapterhighlightedvariousbasesforsegmentingmarketsanddelineating
thecriteria employedinassessingthevalueofa segment.
Marketer'sVocabulary
Marketaggregation(undifferentiatedmarketing) Treatinganentiremarketuniformly,making
littleornoattempttodifferentiatemarketingeffort.
Productdifferentiation Amarketingstrategythatemphasizesdistinctiveproductfeatureswith-
outrecognizingdiversityofconsumerneeds.
Marketsegmenta tion Dividinga totalmarketintoseveralsubmarketsorsegments,eachof
whichishomogeneousinallsignificantaspects, forthepurposeofselectingoneormoretarget
markets onwhichtoconcentratemarketingeffort.
Concentrationstrategy Usedbyanorganizationthatchoosestofocusitsmarketingeffortson
onlyonemarketsegment.
Multisegmentstrategy Usedbyanorganizationthatchoosestofocusitsmarketing efforton
twoormoredistinctsegments.
Ultimateuser Anindividualororganizationthatbuysand/orusesproductsorservicesfortheir
ownpersonalconsumption.
Industrialuser Anorganizationthatbuysproductsorse rvicesforuseintheirownbusinesses,
ortomakeotherproducts.
Demographiccharacteristics Statisticalcharacteristicsofa populationoftenusedtosegment
markets,suchasage,sex,familylifecycle,income,oreducation.
Usagerate Asegmentationbasethatidentifiescustomersonthebasisofthefrequencyofuseof
a product.
Purchaseoccasion Asegmentationbasethatidentifieswhentheyusetheproduct.
Userstatus Asegmentationbasethatidentifiescustomersonthebasisofpatternsofuse,suchas
one-timeorregularuse.
Loyalty Asegmentationbasethatidentifiescustomers onthebasisofpurchasepatternsofpar-
ticularbrands.
Stageofreadiness Asegmentationbasethatidentifies customersonthebasisofhowre adya
customeristobuy.
Psychologicalsegmentation Theuseofattitudes,personality,motives,andlifestyletoidentify
customers.
Attitude Apredispositiontobehaveina certainwaytoa givenstimuli.
Personality Allthetraitsofa personthatmakehimlherunique.
