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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
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Target Marketing
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The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
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Market positioning
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the mind of target consumers
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Geographic
Segmentation |
Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.
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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.
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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 groups based on gender
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Income
Segmentation |
dividing a market into different income groups
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Psychographic
Segmentation |
Dividing a market into different groups based on social class, lifestyle, or personality characteristics
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Behavioral
Segmentation |
Dividing a market into groups based on consumer knowledge, attitude, use, or response to a product
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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.
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Benefit
Segmentation |
Dividing the market into groups 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 behavior even though they are located in different locations
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Target market
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A set of buyers sharing common needs or characteristics that the company decides to serve
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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
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Differentiated
(segmented) 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
(niche) 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
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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
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Local marketing
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Tailoring brands and promotions to the needs and wants of local customer groups-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- also labeled “markets-of one marketing,” “customized marketing,” and “one-to-one marketing”
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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.
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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.
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Value proposition
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The full positioning of a brand- the full mix of benefits upon which it is positioned
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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)
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