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61 Cards in this Set

  • Front
  • Back
Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes
Market Segmentation
process of evaluating each market segment's attractiveness and selecting one or more segments to enter
Market Targeting
arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
GeographicDemographicPsychographicBehavioralMultiple Bases
Bases for Segmenting Consumer Markets
Dividing a market into different segments based on social class, lifestyle, or personality characteristics
Psychographic segmentation
dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
Behavioral segmentation
Occasion segmentationBenefit segmentationUser status Usage RateLoyalty Status
Behavioral segmentation
DemographicsOperating VehiclesPurchasing ApproachesSituational FactorsPersonal Characteristics
Segmenting Business Markets
forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
intermarket segmentation
markets segmented by geographic location, economic factors, political and legal factors, and cultural factors
International markets
Requirements for Effective Segmentation
Process of evaluating each market segment's attractiveness and selecting one or more segments to enter
Market Targeting
Evaluating Market Segments
Segment size and GrowthSegment structural AttractivenessCompany objectives and resources
A set of buyers sharing common needs or characteristics that the company decides to serve
Target Market
Marketing targeting carried out on what 3 levels?
undifferentiated - massdifferentiated - segments/separate offersconcentrated - specialization
Local MarketingIndividual MarketingMicromarketingNiche MarketingSegment MarketingMass Marketing
Levels of Market Segmentation
Market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
Undifferentiated (mass) marketing
Market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
Differentiated (segmented) marketing
Market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
Concentrated (niche) marketing
The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
tailoring brands and promotions to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores
local marketing
tailoring products and marketing programs to the needs and preferences on individual customers - one to one marketing
individual marketing
which factors should you consider when choosing a target strategy?
company resourcesproduct availabilityproduct stage in life cyclecompetitor's marketing strategies
The way the product is defined by consumers on important attributes - the place product occupies in consumers' minds relative to competing products
product position
an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices
competitive advantage
Product attributesbenefitsUsage OccasionsUsersAgainst a CompetitorAway from a CompetitorProduct ClassesCombinations
Positioning Strategies
Differences to Promote
the full positioning of a brand - the full mix of benefits upon which it is positioned
value proposition
Unique Selling Proposition
1. Competitive Differentiation2. Unique Selling Proposition3. Communicating and Delivering Chosen Position
Steps to choosing and Implementing a positioning strategy
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or a need
an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
1. Core Product2. Actual Product3. Augmented Product
3 levels of products
consumer productconvenience productshopping productspecialty productunsought productindustrial product
product classificiations
a product bought by final consumers for personal consumption
consumer product
a consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort
convenience product
a consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style
shopping product
a consumer product with unique characterisitics or brand identification for which a significant group of buyers is willing to make a special purchase effort
specialty product
a consumer product that the consumer either does not know about or knows about but does not normally think of buying
Unsought product
a product bought my individuals and organizations for further processing or for use in conducting a business
industrial product
the use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society
social marketing
qualityfeaturesstyle and design
product attributes
important decisions in development and marketing of individual products and services
product attributesbrandingpackaginglabelingproduct support services
characteristics of a product or serviece that bear on its ability to satisfy stated or implied customer needs
product quality
a name, term, sign, symbol, design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
activities of designing and producing the container or wrapper for a product
suggest something about products's benefits and qualitieseasy to pronouncedistinctivetranslateablecapable of legal and registration protection
brand names
manufacturer's 4 sponsorship options
1. manufacturer's brand (national brand)2. private brand3. licensed brand4. co-branding
differential effect that knowing the brand name has on customer response to the product or its marketing
brand equity
attributesbenefitsbeliefs & values
Brand positioning
brand name selection
line extensionsbrand extensionsmultibrandsnew brands
brand development
Product Mix Decisions
number of different product lines that a company carries
total number of items the company carries
number of versions offered of each product in the line
way the various products relate in end use, production requirements, distribution channels, etc
1. intangibility2. inseparability3. variability4. perishability
4 service characteristics to consider when designing marketing plan
major characteristic of services - they are produced and consumed at the same time and cannot be separated from their providers
service inseparability
major characteristic of services - their quality may vary greatly, depending on who provides them and when, where, and how
service variability
major characteristic of services - they cannot be stored for later sale or use
service perishability