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24 Cards in this Set

  • Front
  • Back
Market
Segmentation
Dividing a market into smaller groups of buyers distinct needs, characteristics, or behavior 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 mind of target consumers
Geographic
Segmentation
Dividing a market into different geographical units such as nations, states, regions, counties, 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, attitude, use, or response to a product
Occasion
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 different 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 locations
Target market
A set of buyers sharing common needs or characteristics that the company decides to serve
Undifferentiated
(mass) marketing
A market-coverage strategy in which a firm decides to ignore market segment 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 and designs separate offers for each
Concentrated
(niche) marketing
A market-coverage strategy in which a firm goes after 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 brands 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 gained 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)