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However, since there are so many search terms to capture we have built pages within the site that discuss the same basic information as the home page, over and over. We have completely rewritten each page to offer QUALITY content for the key search word we're targeting.
Is this considered spam?
My answer would be no because we are providing products, services, information, etc for that specific search term. So with our pages, the researcher is getting exactly what they're looking for.
Is my thinking correct? Will the spam filters think we are spamming? How do we define spam?
Reading your post i would say think "duplicate content"
Why is it necessary to have similar info on each page apart from navigation, taglines, and maybe very small paras and branding logos? How necessary is it have all info for a reader on one page? The key would be to have exact focused content on that page and then refer or link the reader back to information common to all "targets" if they need more general broad info. After all that is what a web site, as opposed to a web page, is meant to do.
Some say you can get away with 10 to 15% content in common and some say much more. We are conservative and work to the former.