MKT 201 Terms for exam 2 (chapters 5, 6, 7 & 9) questions and answers Graded A+

MKT 201 Terms for exam 2 (chapters 5, 6, 7 & 9) questions and answers Graded A+ Consumer market Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits. Business market Individuals or groups that purchase a specific kind of product from resale, direct use in producing other products, or use in general daily operations. Undifferentiated targeting strategy A strategy in which an organization designs a single marketing mix and directs it at the entire market for particular product. Homogeneous market Markets in which large proportion of customer have similar needs for a product. Heterogeneous market Markets made up of individuals or organizations with diverse needs for products in a specific product class. Market segmentation The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.