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9 Cards in this Set

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  • Back
Market Segmentation
1. Identify the market of interest
2. Segment market based on certain criteria
Qualifying Dimensions
criteria that qualifies people to belong to a market.
Ex: You need high income to buy a BMW
Determining Dimensions
criteria that determine what product people buy
Ex: performance reliability
Dimensions for Segmenting Consumer Markets
Geographic
Psychographic
Demographic
Behavioral
Criteria for Effective Segmentation
Homogeneous within
Heterogenous between
Substantial
Operational (measurability, accessibility, actionability)
Targeting
Process of evaluating segments and selecting one or more segments as the focus of certain marketing mix offerings.
Possible Targeting Strategies
Single Target Market
Multiple Target Market
Combined Target Market
Positioning
The place that the product occupied ins consumers' minds relative to competing products
Differentiation
Creation of tangible or intangible differnces on one or two key dimensions between a focal product and its main competitors