Marketing Ch 6

Front 1

Market segmentation

Back 1

Dividing a market into distinct groups with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes.

Front 2

Target marketing

Back 2

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

Front 3

Market positioning

Back 3

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Front 4

Geographic segmentation

Back 4

Dividing the market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.

Front 5

Demographic segmentation

Back 5

Dividing the market into groups based on demographic variables.
- age, sex, family size, family life cycle, income, occupation, education, religion, race, and nationality.

Front 6

Age and life-cycle segmentation

Back 6

Dividing a market into different age and life-cycle groups.

Front 7

Gender segmentation

Back 7

Dividing the market into different groups based on gender.
(clothing, cosmetics, toiletries, and magazines)

Front 8

Income segmentation

Back 8

Dividing a market into different income groups.
(automobiles, boats, clothing, cosmetics, financial services, and travel)

Front 9

Psychographic segmentation

Back 9

Dividing the market into different groups based on social class, lifestyle, or personality characteristics.

Front 10

Behavioral segmentation

Back 10

Dividing a market into groups based on consumer knowledge, attitude, use, or response to product.
(Many marketers believe that behavior variables are the best starting point for building market segments)

Front 11

Occasion segmentation

Back 11

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

Front 12

Benefit segmentation

Back 12

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

Front 13

Intermarket segmentation

Back 13

Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.

Front 14

Target market

Back 14

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

Front 15

Undifferentiated (mass) marketing

Back 15

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
(focuses on what is common in the needs of consumers rather than on what is different)

Front 16

Differentiated (segmented) marketing

Back 16

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
(Gap - Gap, Banana Republic, Old Navy, and Forth & Towne)

Front 17

Concentrated (niche) marketing

Back 17

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
(Especially appealing when company resources are limited)

Front 18

Micromarketing

Back 18

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations-includes local & individual marketing.
(Rather than seeing a customer in every individual, they see the individual in every customer)

Front 19

Local marketing

Back 19

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

Front 20

Individual marketing

Back 20

Tailoring products and marketing programs to the needs and preferences of individual customers-also labeled "markets-of-one marketing," "mass customization," and "one-to-one marketing"

Front 21

Product position

Back 21

The way the product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products.
("Products are created in the factory, but brands are created in the mind")

Front 22

Competitive advantage

Back 22

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

Front 23

Value proposition

Back 23

The full positioning of a brand-the full mix of benefits upon which it is positioned.
(The answer to the customer's question "Why should I buy your brand?" - Volvo hinges on safety)

Front 24

Positioning statement

Back 24

A statement that summarizes company or brand positioning-it takes this form: To (target segment and need) or (brand) is (concept) that (point-of-difference).