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23 Cards in this Set
- Front
- Back
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requires dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes |
Market Segmentation |
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Geographic, Demographic, Psychographic, and Behavioral |
Major Segmentation Variables for Consumer Markets |
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divides the market into different geographical units such as nations, regions, states, counties, or cities |
Geographic segmentation |
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divides the market into groups based on variables such as gender, age, family size, family life cycle, income, occupation, education religion, race, generation, and nationality |
Demographic Segmentation |
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is the process of offering different products or using different marketing approaches for different age and life-cycle groups |
Age and life-cycle stage segmentation |
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divides the market based on sex (male or female) |
Gender segmentation |
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divides the market into affluent, middle-income or low-income consumers |
Income segmentation |
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divides buyers into different groups based on social media, lifestyle, or personality traits |
Psychographic segmentation |
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divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product -Occasions -Benefits sought -User status -Usage rate -Loyalty status |
Behavioral segmentation |
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is used to identify smaller, better-defined target groups |
Multiple segmentation |
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divides consumers into groups with similar needs and buying behaviors even though they are located in different countries |
Intermarket segmentation |
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Measurable Accessible Substaintial Differentiable Actionable |
What market segments must be to be useful |
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consists of a set of buyers who share common needs or characteristics that company decides to serve |
Target Market |
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marketing targets the whole market with one offer; mass marketing; focus on common needs rather then what's different |
Undifferentiated marketing |
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targets several different market segments and designs separate offers for each; goal is to achieve higher sales and stronger position; more expensive then undifferentiated marketing |
Differentiated marketing |
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targets a small share of a large market; limited company resources; knowledge of the market; more effective and efficient |
Concentrated marketing |
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is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations Local Marketing Individual Marketing |
Micromarketing |
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involves tailoring brands and promotion to the needs and wants of local customer groups Cities Neighborhoods Stores |
Local Marketing |
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involves tailoring products and marketing programs to the needs and preferences of individual customers, also known as one-to-one marketing and mass customization |
Individual Marketing |
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is the way the product is defined by consumers on important attributes--the place the product occupies in consumers' minds relative to competing products -Perceptions -Impressions -Feelings |
Product position |
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is an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices |
Competitive advantage |
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is the full mix of benefits upon which a brand is positioned |
Value proposition |
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-Important -Distinctive -Superior -Communicable -Preemptive -Affordable -Profitable |
Difference to promote should be.... |
