Mkt1003X Chapter 7 Customer-Driven Marketing Strategy: Creating Value For Target Customers

Front 1

market segmentation

Back 1

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

Front 2

marketing targeting

Back 2

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

Front 3

differentiation

Back 3

actually differentiating the firm's market offering to create superior customer value

Front 4

positioning

Back 4

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

Front 5

demographic segmentation

Back 5

dividing a market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, 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 a market into different segments based on gender

Front 8

income segmentation

Back 8

dividing a market into different income groups

Front 9

psychographic segmentation

Back 9

dividing a 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 of, or response to a product

Front 11

occasion segmentation

Back 11

dividing a 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 a market into groups according to the different

Front 13

intermarket segmentation

Back 13

forming segments of consumers who have similar needs and buying behavior even though the 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

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

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 of niches

Front 18

micromarketing

Back 18

the practice of tailoring products and marketing programs to the needs and wants of specifics individuals and local customer groups - includes local marketing and individual marketing

Front 19

local marketing

Back 19

tailoring brands and promotions to the needs and wants of local customer groups - cities, neighbourhoods, and even specific stores

Front 20

individual marketing

Back 20

tailoring products and marketing programs to the needs and preferences of individual customers - also called customized marketing, one-to-one marketing, and markets-of-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

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

Front 24

positioning statement

Back 24

a statement that summarizes company or brand positioning - it takes the form: to (target segment and need) our (brand) is (concept) that (point of difference)