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24 Cards in this Set
- Front
- Back
Market segmentation
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Dividing a market into distinct groups with distinct needs, characteristics, or behaviors 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 minds of target consumers.
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Geographic segmentation
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Dividing a market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods.
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Demographic segmentation
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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
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Dividing a market into different age and life-cycle groups.
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Gender segmentation
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Dividing a market into different groups based on gender
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Income segmentation
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Dividing a market into different income groups.
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Psychographic segmentation
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Dividing a market into different groups based on social class, lifestyle, or personality characteristics.
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Behavioral Segmentation
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Dividing a market into groups based on consumer knowledge, attitudes, use, or response to a product.
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Occasional segmentation
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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
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Dividing the market into groups according to the differen benefits that consumers seek from the product.
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Intermarket segmentation
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Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
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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
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Aa market-coverage strategy in which a firm decides to ignore market sebment differences and go after the whole market with one offer.
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Differentiated (segmented)Marketing
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A market-coverage strategy in which a firm decides to target several market segments ad designs separate offers for each.
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Concentrated (niche) Marketing
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A market-coverage strategy in which a firm goes after a 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 barands and promotions to the needs and wants of local customer groups - cities, neighborhoods, and even specific stores.
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Individual Marketing
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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
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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
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An advantage over competitors 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
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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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