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Exam # 2 - CHP. 7
Midterm Review
25
Marketing
Undergraduate 3
03/08/2012

Additional Marketing Flashcards

 


 

Cards

Term
Market Segmentation
Definition
Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
Term
Market Targeting
Definition
The process of evaluating each market segments attractiveness and selecting one or more segments to enter
Term
Differentiation
Definition
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 consumers.
Term
Geographic Segmentation
Definition
Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.
Term
Demographic Segmentation
Definition
Dividing the market into segments 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 and life-cycle groups.
Term
Gender Segmentation
Definition
Dividing a market into different segments based on gender.
Term
Psychographic segmentation
Definition
Dividing a market into different segments based on social class, lifestyle, or personality characteristics.
Term
Behavioral segmentation
Definition
Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchases or use the purchased item.
Term
Occasion segmentation
Definition
Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchases or use the purchased item.
Term
Benefit Segmentation
Definition
Dividing the market into segments 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
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing.
Term
Local Marketing
Definition
Tailoring brands and promotions to the needs and wants of local customer segments- cities, neighborhoods, and even specific stores.
Term
Individual marketing
Definition
Tailoring products and marketing programs to the needs and preferences of individual customers.
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 by having lower prices or providing more benefits that justify higher prices.
Term
Value proposition
Definition
The full positioning of a brand - the full mix of benefits on which it is positioned.
Term
Positioning statement
Definition
A statement that summarizes company or brand positioning.
Term
Income segmentation
Definition
Dividing a market into different income segments
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