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Ch7 Segmentation and Targeting
MKTG
12
Marketing
Undergraduate 4
03/24/2008

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Cards

Term
Segmentation Criteria (3)
Definition
Demographics, Psychographics, Geographics
Term
Demographics
Definition
Segmenting markets by age, gender, income, ethnic background, and family life cycle.
Term
Physchographics
Definition
Market segmentation on the basis of personality, motives, lifestyles, and geodemographics categories.
Term
Geographics
Definition
Segmenting markets by region of a country or the world, market size, market density, or climate
Term
Segmentation Variables
Definition
Geographic, Demographic, Psychographic, Benefits Sought, and Usage Segmentation.
Term
Targeting Strategies
Definition
Undifferentiated, Differentiated or Mulitsegment, and Concentrated.
Term
Undifferentiated
Definition
- a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix. Allows companies to save on production and marketing and achieve economies of mass production.
Term
Differentiated or Multisegment
Definition
– a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each. Benefits are greater sales volume, higher profits, and larger market share, and economies of scale in manufacturing and marketing. Negative due to cannibalization which occurs when sales of a new croduct cut into sales of a firm’s existing products.
-Differentiation is how you set yourself apart.
Term
Concentrated
Definition
– a strategy used to select one segment of a market for targeting marketing efforts. A firm selects a market “niche” (one segment of a market) for targeting its marketing efforts. Bad because you “put all eggs in one basket”. Good because it can concentrate on understanding the needs motives and satisfactions of that segment’s members and on developing and maintaining a highly specialized marketing mix.
Term
Product positioning
Definition
how do other see you / product – the development of any marketing mix depends on positioning which is a process that influences potential customers overall perception of a brand, product line, or organization in general
Term
Product Repositioning
Definition
- Sometimes products or companies are repositioned in order to sustain growth in slow markets or to correct positioning mistakes. Repositioning is changing the consumers’ perceptions of a brand in relation to competing brands
Term
Product Differentiation
Definition
- is a positioning strategy that many firms use to distinguish their products form those of competitors. The distinctions can be real or perceived.
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