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25 Cards in this Set
- Front
- Back
Market Segmentation |
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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Market Targeting |
Evaluating each market segment's attractiveness and selecting one or more segments to enter |
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Differentiation |
Differentiating the market offering to create superior customer value |
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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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Geographic segmentation |
Dividing a market into different geographical units, such as nations, states, regions, countries, cities, or even neighborhoods |
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Demographic segmentation |
Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation |
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Age and life-cycle segmentation |
Dividing a market into different age and life-cycle groups |
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Gender segmentation |
Dividing a market into different segments based on gender |
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Income segmentation |
Dividing a market into different income segments |
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Psychographic segmentation |
Dividing a market into different segments based on social class, lifestyle, or personality characteristics |
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Behavioral segmentation |
Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product. |
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Occasion segmentation |
Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase,or use the purchased item |
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Benefit segmentation |
Dividing the market into segments according to the different benefits that consumers seek from the product |
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Intermarket segmentation |
Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries |
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Target market |
A set of buyers sharing common needs or characteristics that the company decides to serve |
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Undifferentiated marketing |
A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer |
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Differentiated marketing |
A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each |
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Concentrated marketing |
A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches |
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Micromarketing |
Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing |
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Local marketing |
Tailoring brands and marketing to the needs and wants of local customer segments---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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Product position |
The way a product is defined by consumers on important attributes---the place the product occupies in consumers' minds relative to competing products |
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Competitive advantage |
An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices |
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Value proposition |
The full positioning of a brand---the full mix of benefits on which it is positioned |
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Positioning statement |
A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference) |