Categorization of customers according to relationship products Ons to product characteristics is segmentation according process wa customers and building relationships with those customers in order to capture value back from them is called Needs Wants Marketing Utility Demographics b. Psychographies Geography @Behavior 7. Abundle customer of value that satisfied need or want is called 2. LensCrafters has captured a big chunk of the market for eyeglasses by providing on the-spot, one-hour service. This is an example of Form utility Time utility C. Place utility d. Possession utility a Product 6 Price C. Promotion d. Distribution channels 8. Particular brands that the buyer especially wants and will seek out regardless of location or price are called 3. Firms that practice the determine the needs and wants of a market and deliver the desired product or service more effectively and efficiently than competitors do. a. Selling concept 0 Marketing concept a. Convenience products b. Shopping products Specialty products 4. Individuals or households that buy goods and services for personal use make up the 9. More expensive organizational products with a longer useful life, ranging from office and plant equipment to entire factories are Consumer market b. Organizational market a. Expense items b. Capital items 5. Creating new products for current markets is called Market penetration b. Product development C. Market development d. Diversification 10. is the stage of large-scale production and distribution of a product. a. Prototypes b. Test marketing Commercialization