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Principles of Marketing 13E
Chapter 7
25
Marketing
Not Applicable
10/28/2010

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Term
Market Segmentation
Definition
Dividing a market into smaller groups with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes
Term
Market targeting (targeting)
Definition
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Term
Differentiation
Definition
Actually differentiating the market offering to create superior customer value
Term
Positioning
Definition
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers
Term
Geographic Segmentation
Definition
Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods
Term
Demographic Segmentation
Definition
Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
Term
Age and life-cycle segmentation
Definition
Dividing a market into different age of life-cycle groups
Term
Gender Segmentation
Definition
Dividing a market into different groups based on gender
Term
Income Segmentation
Definition
Dividing a market into different income groups
Term
Psychographic Segmentation
Definition
Dividing a market into different groups based on social class, lifestyle, or personality characteristics
Term
Behavioral Segmentation
Definition
Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product
Term
Occasion Segmentation
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
Term
Benefit Segmentation
Definition
Dividing the market into groups according to the different benefits that consumers seek from the product
Term
Intermarket Segmentation
Definition
Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
Term
Target Market
Definition
a set of buyers sharing common needs or characteristics that the company decides to serve
Term
Undifferentiated (mass) Marketing
Definition
A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
Term
Differentiated (segmented) Marketing
Definition
A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
Term
Concentrated (niche) Marketing
Definition
A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
Term
Micromarketing
Definition
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
Term
Local Marketing
Definition
Tailoring brands and promotions to the needs and wants of local customer groups - cities, neighborhoods, and even specific stores
Term
Individual marketing
Definition
Tailoring products and marketing programs to the needs and preferences of individual customers - also labeled "one-to-one marketing," "customized marketing," and "markets-of-one marketing."
Term
Product Position
Definition
The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products
Term
Competitive Advantage
Definition
An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices
Term
Value Proposition
Definition
The full positioning of a brand - the full mix of benefits upon which it is positioned
Term
Positioning Statement
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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