Marketing Chapter 6

Front 1

Market segmentation

Back 1

dividing a market into small segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

Front 2

Market targeting (targeting)

Back 2

evaluating each market segment's attractiveness and selecting one or more segments to enter

Front 3

differentiation

Back 3

differentiating the market offering to create superior customer value

Front 4

positioning

Back 4

arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers

Front 5

geographic segmentation

Back 5

dividing a market into different geographical units, such as nations, states, regions, counties, cities or even neighborhoods

Front 6

demographic segmentation

Back 6

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

Front 7

age and life-cycle segmentation

Back 7

dividing a market into different age and life-cycle groups

Front 8

gender segmentation

Back 8

diving a market into different segments based on gender

Front 9

income segmentation

Back 9

diving a market into different income segments

Front 10

Psychographic segmentation

Back 10

dividing a market into different segments based on social class, lifestyle, or personality characteristics

Front 11

behavioral segmentation

Back 11

diving a market into segments based on consumer knowledge, attitudes, uses of a product or responses to a product

Front 12

occasion segmentation

Back 12

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

Front 13

benefit segmentation

Back 13

diving the market into segments according to the different benefits that consumers seek from the product

Front 14

inter-market (cross-market) segmentation

Back 14

forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries

Front 15

target market

Back 15

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

Front 16

undifferentiated (mass) marketing

Back 16

a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

Front 17

differentiated (segmented) marketing

Back 17

a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each

Front 18

concentrated (niche) marketing

Back 18

a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

Front 19

micromarketing

Back 19

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing

Front 20

local marketing

Back 20

tailoring brands and marketing to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores

Front 21

individual marketing

Back 21

tailoring products and marketing programs to the needs and preferences of individual customers

Front 22

product position

Back 22

the way a product is defined by consumers on important attributes - the place and product occupies in consumers' minds relative to competing products

Front 23

competitive advantage

Back 23

an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

Front 24

value proposition

Back 24

the full positioning of a brand-the full mix of benefits of what it is positioned

Front 25

positioning statement

Back 25

a statement that summarizes a company or brand positioning using this form: to (target segment and need) our (brand) is (concept) that (point of difference)