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13 Cards in this Set
- Front
- Back
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Market Segmentation |
involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. |
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Types of Market Segmentation |
Geographical- factors differ by geography (nations, regions, states, counties, cities, neighborhoods, population density (urban, suburban, rural), climate.
Demographic- age, gender, income, religion, education, religion, ethnicity, life-cycle stage
Psychographic- social class, lifestyle, personality,
Behavioral - occasions, benefits, user status, usage rate, loyalty status |
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Targeting |
evaluating each market segment's attractiveness and selecting one or more market segments to enter. |
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Differentiated Marketing (Segmented Marketing) |
A firm will target several market segments and designs separate offers for each. |
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Undifferentiated Marketing (Mass Marketing) |
A firm decides to ignore mass market segment differences and go after the whole market with one offer. |
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Concentrated Marketing (Niche Marketing) |
A firm goes after a large share of one or a few smaller segments or niches |
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Micromarketing |
The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations. |
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Local Marketing |
tailoring brands and promotions to the needs and wants of local customer groups- cities, neighborhoods, and even specific stores. |
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Individual Marketing |
tailoring products and marketing programs to the needs and preferences of individual customers. |
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Differentiated Marketing |
a firm decides to target market segments and target several market segments and designs separate offers for each. |
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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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Product Position |
The way a product is defined by customers on important attributes. |
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Competitive Advantage |
An advantage over competitors gained by offering greater customer value. |
