Term
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Definition
| Actual & potential buyers of a product or service. |
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Term
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Definition
Mass Marketing
Product Variety Marketing
-Target Marketing
Micro Marketing
Customized Marketing |
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Term
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Definition
| A form of target marketing in which companies tailor their marketing programs to the needs & wants of narrowly defined geographic, demographic, psychographic or benefit segments. |
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Term
| Three major steps in target marketing |
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Definition
1) Market Segmentation
2) Market Targeting
3) Market Positioning |
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Term
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Definition
1) Identify the bases for segmenting the market.
2) Develop profiles of resulting segments. |
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Term
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Definition
3) Develop measures of segments attractiveness
4) Select the target segment(s) |
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Definition
5) Develop positioning for each target segment.
6) Develop marketing mix for each target segment. |
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Term
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Definition
divide market into distinct groups
------>Geographic
------>Demographic
------>Psychographic
------>Behavioral |
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Term
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Definition
Nations
States
Regions
Counties
Cities
Neighborhoods |
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Term
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Definition
Age Gender
Life Cycle
Income
Occupation
Education
Religion
Race
Nationality |
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Term
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Definition
Social Class
Lifestyle
Personality. |
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Definition
Purchase Occasion
Benefits sought
User Status
Usage rate
Loyalty status |
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Term
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Definition
Buyer divided into groups based on
1) Knowledge
2) attitude
3) use
4) response |
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Term
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Definition
Evaluating Target Segments
Segment Size growth
Segment structural attractiveness
Company Objectives & Resources |
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Term
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Definition
| Target market is a set of buyer sharing common needs or characteristics that the company decides to serve. |
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Term
| Requirements for effective segmentation |
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Definition
----Measurable
----Accessible
----Substantial
----Actionable |
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Term
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Definition
| Size, purchasing, power, profiles of segments can be measured. |
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Term
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Definition
| Segments can be effectively reached & served. |
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Term
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Definition
| Segments are large or profitable enough to serve. |
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Term
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Definition
| Effective programs can be designed to attract & serve the segments. |
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Term
| Undifferentiated Marketing |
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Definition
Company Marketing mix --------->Market
Ignores market segmentation differences & goes after the whole market with one market offer. |
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Term
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Definition
| A market contains two major market segments. |
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Term
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Definition
| The way product is defined by consumers on important attributes -- the place the product occupies in consumers minds relative to competing products. |
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Term
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Definition
| Products can be positioned on specific attributes or against another product class. |
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Term
| Choosing a positioning strategy |
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Definition
---Identify a set of possible competitive advantages of upon which to build a position.
---Select the right competitive advantages
---Effectively communicating & delivering the chosen position to a carefully selected target market. |
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Term
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Definition
Differentiation
Physical attributes
Service
Location
Personnel
Image |
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Term
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Definition
| failing ever to position the company at all. |
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Definition
| giving buyers too narrow a picture of the company |
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Term
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Definition
| leaving the buyers w/ a confused image of the company. |
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Term
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Definition
| research tool used to measure a brands position.. |
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