Targeting The Marketplace Ch 7

Front 1

geographic segmentation

Back 1

grouping consumers based on where they live

Front 2

demographic segmentation

Back 2

grouping consumers according to easily measured, objective characteristics such as age, gender, etc

Front 3

psychographics

Back 3

based on how consumers describe themselves and what psychological reason determine their choices of how they occupy their time

Front 4

self-values

Back 4

goals for life not just goals one wants to accomplish in a day; component to psychographics that refers to overriding desires that drive how a person lives their life

Front 5

self-concept

Back 5

image person has of him/herself; component of psychographics

Front 6

lifestyle

Back 6

the way a person lives their life to achieve goals

Front 7

VALS

Back 7

8 segments-innovators, thinkers, believers, achievers, strivers, experiencers, makers and survivors

Front 8

behavioural segmentation

Back 8

groups of consumers based on benefits they derive from products/services from their usage rate, user status and loyalty

Front 9

benefit segmentation

Back 9

groups of consumers based on benefits from products/services

Front 10

loyalty segmentation

Back 10

group of consumers based on basis of combination of geographic, demographic and lifestyle characteristics

Front 11

PSYTE clusters

Back 11

grouping all of neighbourhoods in Canada into 60 different lifestyle clusters

Front 12

undifferentiated segmentation strategy (mass marketing)

Back 12

used if product/service is perceived to provide the same benefits to everyone with no need to separate into groups

Front 13

differentiated segmentation strategy

Back 13

many offerings for different market segments

Front 14

concentrated (niche) segmentation strategy

Back 14

selecting a single, primary target market and focuses on all energies to fit marketers needs

Front 15

micromarketing

Back 15

tailors to suit an indivuduals needs/wants

Front 16

mass customization

Back 16

interacting on a one-to-one basis with many people to create custom-made products/services;one-to-one marketing to the mass

Front 17

positioning

Back 17

mental picture that people have about a company and its products/service relative to competitors

Front 18

positioning statement

Back 18

expresses how a company wants to be perceived by consumers

Front 19

perceptual map

Back 19

2+ dimensions, the position of products/brands in consumers minds

Front 20

ideal points

Back 20

psoition at which a particular market segment ideal product would lie on a perceptual map

Front 21

brand repositioning (rebranding)

Back 21

change brands focus to new target market or realign brands core emphasis with changing market preferences