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26 Cards in this Set
- Front
- Back
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Segmentation |
Dividing a market into distinct groups with distinct needs, characteristics, or behaviours that might require separate marketing strategies or mixed. |
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Targeting |
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter. |
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Differentiation |
Actually differentiating the market offering to create superior customer value. |
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Positioning |
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. |
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Geographic segmentation |
Dividing a market into different geographical units, such as global regions, countries, regions within a country, provinces, cities, or even neighbourhoods. |
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Demographic segmentation |
Dividing the market into segments based on variables such as age, gender, family size, life cycle, household income(HHI), occupation, education, ethnic or cultural group, and generation. |
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Age and life-cycle segmentation |
Dividing a market into different age and life-cycle groups |
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Gender segmentation |
Dividing a market into different segments based on gender. |
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Household Income (HHI) segmentation |
Dividing a market into different income segments. |
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Psychological segmentation |
Dividing a market into different segments based on social class, lifestyle, or personality characteristics. |
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Behavioural segmentation |
Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product. |
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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. |
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Benefit segmentation |
Dividing the market into segments according to the different benefits that consumer seek from the products. |
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Intermarket segmentation |
Forming segments of consumers who have similar needs and buying behaviour even though they are located in different countries. |
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Target market |
A set of buyer sharing common needs or characteristics that the company decides to serve. |
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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. |
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Differentiated (segmented) marketing |
A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each. |
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Concentrated (niche) marketing |
A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches. |
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Micromarketing |
The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments- includes local marketing and individual marketing. |
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Local marketing |
A small group of people who live in the same city, or neighbourhood, or who shop at the same store. |
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Individual marketing (mass customization) |
tailoring products and marketing programs to the needs and preferences of individual customers. |
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Product position |
The way the product is defines by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products. |
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Competitive advantage |
An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices. |
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Value propositions |
The full positioning of a brand -the full mix of benefits upon which it is positioned. |
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Positioning statement |
A statement that summarizes company or brand positioning-it takes this form: to (target segment and need) our (brand) is (concept) that (point of difference) |
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Ways to be different |
Be important, distinctive, superior, communicable, preemptive, affordable, profitable |
