Flashcards
Intro MKTG CH6
Cards in this deck (25)
- 1Market segmentationDividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
- 2Market targeting (targeting)Evaluating each market segment's attractiveness and selecting one or more segments to serve
- 3DifferentiationActually differentiating the market offering to create superior customer value
- 4PositioningArranging for a market offering to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumers
- 5Geographic segmentationDividing a market into different geographical units, such as national, states, regions, counties, cities or even neighborhoods
- 6Demographic segmentationDividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
- 7Age and life-cycle segmentationDividing a market into different age and life-cycle groups
- 8Gender segmentationDividing a market into different segments based on gender
- 9Income segmentationDividing a market into different income segments
- 10Psychographic segmentationDividing a market into different segments based on lifestyle or personality characteristics
- 11Behavioral segmentationDividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product
- 12Occasion segmentationDividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
- 13Benefit segmentationDividing the market into segments according to the different benefits that consumers seek from the product
- 14Intermarket (cross-market) segmentationForming segments of consumers who have similar needs and buying behaviors even though they are located in different countries
- 15Target marketA set of buyers who share common needs of characteristics that a company decides to serve
- 16Undifferentiated (mass) marketingA market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
- 17Differentiated marketingA market-coverage strategy in which a firm targets several segments and designs separate offers for each
- 18Concentrated (niche) marketingA market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
- 19MicromarketingTailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing
- 20Local marketingTailoring brands and marketing to the needs and wants of local customer segments-cities, neighborhoods, and even specific stores
- 21Individual marketingTailoring products and marketing programs to the needs and preferences of individual customers
- 22Product positionThe way a product is defined by consumers on important attributes-the place it occupies in consumers' minds relative to competing products
- 23Competitive advantageAn advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices
- 24Value propositionThe full positioning of a brand-the full mix of benefits on which it is positioned
- 25Positioning statementA statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference)