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24 Cards in this Set

  • Front
  • Back
Market segmentation
Dividing a market into distinct groups with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes.
Target marketing
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Geographic segmentation
Dividing a market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods.
Demographic segmentation
Dividing the market into groups based on demographic variables such as age, sex, family size, family life cycle, income, occupation, education, religion, race, and nationality.
Age and life-cycle segmentation
Dividing a market into different age and life-cycle groups.
Gender segmentation
Dividing a market into different groups based on gender
Income segmentation
Dividing a market into different income groups.
Psychographic segmentation
Dividing a market into different groups based on social class, lifestyle, or personality characteristics.
Behavioral Segmentation
Dividing a market into groups based on consumer knowledge, attitudes, use, or response to a product.
Occasional segmentation
Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Benefit segmentation
Dividing the market into groups according to the differen benefits that consumers seek from the product.
Intermarket segmentation
Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
Target Market
A set of buyers sharing common needs or characteristics that the company decides to serve.
Undifferentiated (mass) marketing
Aa market-coverage strategy in which a firm decides to ignore market sebment differences and go after the whole market with one offer.
Differentiated (segmented)Marketing
A market-coverage strategy in which a firm decides to target several market segments ad designs separate offers for each.
Concentrated (niche) Marketing
A market-coverage strategy in which a firm goes after a a large share of one or a few segments or niches.
Micromarketing
The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups - includes local marketing and individual marketing.
Local marketing
Tailoring barands and promotions to the needs and wants of local customer groups - cities, neighborhoods, and even specific stores.
Individual Marketing
Tailoring products and marketing programs to the needs and preferences of individual customers - also labeled "markets-of-one marketing,""customized marketing,"and "one-to-one marketing"
Product position
The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products.
Competitive Advantage
An advantage over competitors by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.
Value proposition
The full positioning of a brand - the full mix of benefits upon which it is positioned
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).