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| Question | Answer |
| Market segmentation | Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes |
| Market targeting (targeting) | Evaluating each market segment's attractiveness and selecting one or more segments to serve |
| Differentiation | Actually differentiating the market offering to create superior customer value |
| Positioning | Arranging for a market offering to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumers |
| Geographic segmentation | Dividing a market into different geographical units, such as national, states, regions, counties, cities or even neighborhoods |
| Demographic segmentation | Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation |
| Age and life-cycle segmentation | Dividing a market into different age and life-cycle groups |
| Gender segmentation | Dividing a market into different segments based on gender |
| Income segmentation | Dividing a market into different income segments |
| Psychographic segmentation | Dividing a market into different segments based on lifestyle or personality characteristics |
| Behavioral segmentation | Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product |
| Occasion segmentation | Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item |
| Benefit segmentation | Dividing the market into segments according to the different benefits that consumers seek from the product |
| Intermarket (cross-market) segmentation | Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries |
| Target market | A set of buyers who share common needs of characteristics that a company decides to serve |
| Undifferentiated (mass) marketing | A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer |
| Differentiated marketing | A market-coverage strategy in which a firm targets several segments and designs separate offers for each |
| Concentrated (niche) marketing | A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches |
| Micromarketing | Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing |
| Local marketing | Tailoring brands and marketing to the needs and wants of local customer segments-cities, neighborhoods, and even specific stores |
| Individual marketing | Tailoring products and marketing programs to the needs and preferences of individual customers |
| Product position | The way a product is defined by consumers on important attributes-the place it occupies in consumers' minds relative to competing products |
| Competitive advantage | An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices |
| Value proposition | The full positioning of a brand-the full mix of benefits on which it is positioned |
| Positioning statement | A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference) |
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