Segmentation, Targeting, And Positioning: Building The Right Relationships With The Right Customers Ch. 7

Front 1

Define: Market segmentation

Back 1

Dividing a market into distinct groups with distinct needs, characteristics, or behaviours who might require separate products or marketing mixes.

Front 2

Define: Targeting marketing

Back 2

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

Front 3

Define: Market positioning

Back 3

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

Front 4

Define: Geographic segmentation

Back 4

Dividing a market into different geographical units such as nations, regions, provinces, counties, cities, or neighbourhoods.

Front 5

Define: Demographic segmentation

Back 5

Dividing the market into groups based on demographic variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.

Front 6

Define: Age and life-cycle segmentation

Back 6

Dividing a market into different age and life-cycle groups

Front 7

Define: Gender segmentation

Back 7

Dividing a market into different groups based on gender

Front 8

Define: Income segmentation

Back 8

Dividing a market into different income groups

Front 9

Define: Psychographic segmentation

Back 9

Dividing a market into different groups based on social class, lifestyle, or personality characteristics.

Front 10

Define: Behavioural segmentation

Back 10

Dividing a market into groups based on consumer knowledge, attitude, use, or response to a product.

Front 11

Define: Occasion segmentation

Back 11

Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.

Front 12

Define: Benefit segmentation

Back 12

Dividing the market into groups according to the different benefits that consumers seek from the product

Front 13

Define: Intermarket segmentation

Back 13

Forming segments of consumers who have similar needs and buying behaviour even though they are located in different countries.

Front 14

Define: Target market

Back 14

A set of buyers sharing common needs or characteristics that the company decides to serve

Front 15

Define: 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

Define: 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

Define: Concentrated (niche) marketing

Back 17

A market-coverage strategy in which a firm goes after a large share of one or a few segments, or niches.

Front 18

Define: Micromarketing

Back 18

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.

Front 19

Define: 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

Define: Individual marketing

Back 20

Tailoring products and marketing programs to the needs and preferences of individuals customers-- also labelled "markets of one marketing", "customized marketing," and "one-to-one marketing."

Front 21

Define: Collaborative filtering

Back 21

The method of making automatic predictions about the interest of an individual user by collecting taste information from many users.

Front 22

Define: Standardized marketing mix

Back 22

An international marketing strategy for using basically the same product, advertising, distribution channels, and other elements of the marketing mix in all of the company's international markets.

Front 23

Define: Adapted marketing mix

Back 23

An international marketing strategy for adjusting the marketing mix elements to each international target market, bearing more costs but hoping for a larger market share and return.

Front 24

Define: Product position

Back 24

The way the product is defined by consumers on important attributes--the place the product occupies in consumers' minds relative to competing products.

Front 25

Define: Competitive advantage

Back 25

An advantage over competitors gained by offering greater value, either through lower prices or by providing more benefits that justify higher prices.

Front 26

Define: Value proposition

Back 26

The full positioning of a brand--the full mix of benefits on which it is positioned.

Front 27

Define: Positioning statement

Back 27

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).