Marketing Terminology Glossary Part 1

Mass Marketing: is where an organization implements one basic marketing strategy to appeal to a broad range of consumers.

Market Segmentation: is the division of a large market into smaller homogenous markets on the basis of common needs and lifestyles.

Niche Marketing: targeting a product line to one particular segment and committing all marketing resources to the satisfaction of that segment.

Direct Segmentation: a situation in which unique marketing programs are designed specifically to meet the needs and preferences of individual customers.

Behavioural Targeting: a database-driven marketing system that tracks a consumer's behaviour to determine his or her interest and then serves ads to that person relevant to those interests.

Mass Customization: the creation of systems that can produce products and personalize messages to a target audience of one.

Brand Democratization: a situation in which the customer can interact with a brand, giving the customer some control over the marketing of a brand (e.g. online user generated content).

Geo-Targeting: the practice of customizing an advertisement for a product or service to a specific market based on the geographic location of potential buyers.

Location-based Targeting: an effort to integrate consumers' location information into a marketing strategy.

Target Market Profile: describes the ideal customer around which the marketing strategy will be devised and delivered.

Demographic Segmentation: the division of a large market into smaller segments based on combinations of age, gender, income, occupation, education, marital status, household formation, and ethnic background.

Geodemographic Segmentation: the isolation of dwelling areas through a combination of geographic and demographic information, based on the assumption that people seek out residential neighbourhoods in which to cluster with their lifestyle peers.

Micromarketing: the development of marketing strategies on a regional basis, giving consideration to the unique needs and geodemographics of different regions.

Behaviour Response Segmentation: the division of buyers into groups according to their occasion for using a product, the benefits they require in a product, the frequency with which they use the product, and their degree of brand loyalty.

Positioning: designing and marketing a product to meet the needs of a target market, and creating the appropriate appeals to make the product stand out from the competition in the minds of customers.