Chapter 7 Marketing

Front 1

arranging for a market offering to occupy a clea, distinctive, and desireable place relative to competing products in the minds of target consumers

Back 1

positioning

Front 2

dividing a market into smaller groups with distinct needs, characteristics, or behavior tha tmight require separate marketing strategies or mixes

Back 2

market segmentation

Front 3

process of evaluating each market segment's attractiveness and selecting one or more segments to enter

Back 3

market targeting

Front 4

actually being different in the market and offering to create superior customer value

Back 4

differentiating

Front 5

dividing a market into different geographical units such as nations, provinces, regions, parishes, cities, or neighborhoods. Many businesess are doing this to fit the needs of individual regions, cities, and even neighborhoods

Back 5

geographic segmentation

Front 6

dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality

Back 6

demographic segmentation

Front 7

divinf a market into different age and life-cycle groups

Back 7

age and life-cycle segmentation

Front 8

dividing a market into different groups based on gender

Back 8

gender segmentation

Front 9

dividing a market into different income groups

Back 9

income segmentation

Front 10

dividing a market into different groups based on social class, lifestyle, or personality characteristics

Back 10

psychographic segmentation

Front 11

dividing a market into groups ased on consumer knowledge, attitudes, uses or responses to a product

Back 11

behavioral segmentation

Front 12

dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase or use the purchase item

Back 12

occasion segmentation

Front 13

dividing the market into groups according to the different benefits that consumers seek from the product

Back 13

benefit segmentation

Front 14

markets can be segmented into nonusers, ex-users, potential users, first time users, and regular users of a product. Marketers want to reinforce and retain regular users, attract targeted nonusers, and reinvigorate relationships with ex-users. Give me an example of this.

Back 14

Newlywed couples, people want to be put on the registry as a gift to buy for them

Front 15

markets can also be segmented into light, medium, and heavy product users.

Back 15

Usage rate

Front 16

a market can be segmented by consumer loyalty

Back 16

loyalty status

Front 17

Marketers use___ ___ bases in an effort to identify smaller, better-defined target groups.

Back 17

multiple segmentation

Front 18

Business buyers can be segmented geographically, demographically, or by benefits sought, user status, usage rate, and loyalty status. Yet, business marketers also use some additional variables, such as customer ____ _____, _____ ____, ____ ___, and personal characteristics

Back 18

operating characteristics, purchasing approaches, situational factors

Front 19

cross market segmentation, form segments of consumers who have similar needs and buying behaviors even through they are located in different countires…also known as

Back 19

intermarket segmentation

Front 20

What are the five requirements for an effective segmentation in marketing?

Back 20

measurable, accessible, substantial, differentiable, actionable

Front 21

In evaluating different market segments, a firm must look at three factors: segment size and growth, segment structural attracvtiveness, and company ____ and resources

Back 21

objectives

Front 22

What are major structural factors that affect long-run segment attractiveness?

Back 22

aggressive competitors, how much powet the buyer has, powerful suppliers

Front 23

a set of buyers sharing common needs or characteristics that the company decides to serve

Back 23

target market

Front 24

a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

Back 24

undifferentiated (mass) marketing

Front 25

a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each

Back 25

differentiated (segmented) marketing

Front 26

a market coverage strategy in which a firm goes after a large share of one or a few segments or niches

Back 26

concentrated (niche) marketing

Front 27

practice of tailoring products and marketing programs on the needs and wants of specific individuals and local customer groups--includes local marketing and individual marketing

Back 27

micromarketing

Front 28

tailoring brands and promotions to the needs and wants of local customer groups--cities, neighborhoods, and even specific stores

Back 28

local marketing

Front 29

What are some drawbacks of local marketing?

Back 29

drive up manufacturing and marketing costs, create logistics problems trying to meet the varied requirements of different regional and local markets, brands image may become diluted

Front 30

tailoring products and marketing programs to the needs and preferences of individual customers--also labeled "one to one marketing" "customized marketing" and "markets of one marketing"

Back 30

individual marketing

Front 31

Companies need to consider many factors when choosing a market-targeting strategy. Depends on company resources. Depends on ___ ____ and product's __-____ ___. Also, market variability and competitors marketing strategies

Back 31

product variability and life-cycle stage

Front 32

way the product is defined by consumers on important attributes--the place the product occupies in consumers' minds relative to competing products

Back 32

product position

Front 33

show consumer perceptions of their brands versus competing products on important buying dimensions

Back 33

perceptual positioning maps

Front 34

The differentiation and positioning taks consists of three steps: identifying a sert of differentiating competitive advantages upon which to build a position, choosing the right competitive advantages, and selecting an overall ______ strategy.

Back 34

positioning

Front 35

an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.

Back 35

competitive advantages

Front 36

brands can be differentiated on feaures, performance, or style and design

Back 36

product differentiation

Front 37

speedy, convenient, or careful delivery, differentiate by the services that accompany the product

Back 37

services differentiation

Front 38

gain competitive advantage through the way they design thei channel's coverage, expertise and performance

Back 38

channel differentiation

Front 39

a company or brand image should convey the product's distinctive benefits and positioning.

Back 39

image differentiation

Front 40

should develop a ____ ____ ____ and stick to it.

Back 40

unique selling proposition

Front 41

The type of differences to promote fall under these categories: important, distinctive, superior, communicable, preemptive, affordible, and ____

Back 41

profitable

Front 42

the full positioning of a brand--the full mix of benefits upon which it is positioned

Back 42

value proposition

Front 43

this positioning involves providing the most upscale product or service and charging a higher price to cover the higher costs

Back 43

more for more

Front 44

companies can attack a competitor's more for more positioning by introducing a brand offering comparable quality

Back 44

more for less

Front 45

offer many of the same brands at a smaller price

Back 45

same for less

Front 46

few people can afford the very best in everything that they buy, people give up the bells and whistles

Back 46

less for less

Front 47

claiming to give customers more for a lot cheaper for price. Sometimes hard to maintain because could be operating at a loss

Back 47

more for less

Front 48

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)

Back 48

positioning statement