Term
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Definition
| Segment. Target. Position. (the topic of the entire chapter) |
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Term
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Definition
| dividing a market into smaller groups of buyers distinct needs, characteristics, or behavior who might require separate products or marketing mixes |
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Term
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Definition
| the process of evaluating each market segment's attractiveness and selecting one or more segments to enter |
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Term
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Definition
| arranging for a product to occupy a clear, distinctive, and desirable place relative to competing product in the minds of target consumers |
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Term
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Definition
| dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods |
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Term
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Definition
| 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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Term
| age and life-cycle segmentation |
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Definition
| dividing a market into different age and life-cycle groups; same relative product but packaged or marketing differently to different age groups |
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Term
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Definition
| dividing a market into different groups based on gender; ex: clothing, cosmetics, toiletries, magazines |
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Term
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Definition
| dividing a market into different income groups |
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Term
| psychographic segmentation |
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Definition
| dividing a market into different groups based on social class, lifestyle, or personality characteristics |
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Term
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Definition
| dividing a market into groups based on consumer knowledge, attitude, use, or response to a product |
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Term
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Definition
| 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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Term
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Definition
| dividing the market into groups according to the different benefits that consumers seek from the product |
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Term
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Definition
| forming segments of consumers who have similar needs and buying behavior even though they are located in different countries |
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Term
| Requirements for Effective Segmentation |
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Definition
1. Measurable
2. Accessible
3. Substantial
4. Differentiable
5. Actionable |
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Term
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Definition
| a set of buyers sharing common needs or characteristics that the company decides to serve |
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Term
| undifferentiated (mass) marketing |
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Definition
| a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer |
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Term
| differentiated (segmented) marketing |
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Definition
| a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each |
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Term
| concentrated (niche) marketing |
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Definition
| a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches |
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Term
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Definition
| the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups-includes LOCAL and INDIVIDUAL marketing |
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Term
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Definition
| tailoring brands and promotions to local customer groups-cities, neighborhoods, and even specific stores |
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Term
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Definition
| tailoring products and marketing programs to individual customers (aka markets of one marketing, customized marketing, one to one marketing) |
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Term
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Definition
| the way the product is defined by customers 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
| an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices |
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Term
| What Differences to Promote? (pg. 220) |
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Definition
1. Important
2. Distinctive
3. Superior
4. Communicable
5. Preemptive
6. Affordable
7. Profitable |
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Term
| Figure 7.4 "Possible Value Propositions" |
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Definition
| Price v. Benefits with "more", "less", and "the same" boxes (3x3 matrix) |
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Term
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Definition
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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