Term
| Segmentation Criteria (3) |
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Definition
| Demographics, Psychographics, Geographics |
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Term
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Definition
| Segmenting markets by age, gender, income, ethnic background, and family life cycle. |
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Term
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Definition
| Market segmentation on the basis of personality, motives, lifestyles, and geodemographics categories. |
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Term
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Definition
| Segmenting markets by region of a country or the world, market size, market density, or climate |
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Term
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Definition
| Geographic, Demographic, Psychographic, Benefits Sought, and Usage Segmentation. |
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Term
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Definition
| Undifferentiated, Differentiated or Mulitsegment, and Concentrated. |
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Term
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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. |
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Term
| Differentiated or Multisegment |
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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. |
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Term
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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. |
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Term
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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 |
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Term
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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 |
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Term
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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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