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Marketing review
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20
Marketing
11th Grade
12/05/2011

Additional Marketing Flashcards

 


 

Cards

Term
market segmentation
Definition
diving a market into specific groups with distinct needs, characteristics or behaviors
Term
Four marketing strategies
Definition
1. Market segmentation 3. select target market 3. differentiate your product/ service 4. position your product/ service
Term
four bases for market segmentation
Definition
1. geographic 2. demographic 3. psychological 4. behavioral
Term
Geographic
Definition
dividing a market into different geographies/locations
Term
demographic segmentation
Definition
dividing a market into measurable variables such as age, religion, race, etc.
Term
psycho-graphic segmentation
Definition
diving a market based on things such as values, life style, attitudes, personality
Term
Behavioral segmentation
Definition
dividing a market based on purchase behavior
Term
market segmentation is....
Definition
based on market research and looking for ways to look insightfully insight fully at the market
Term
evaluating and selecting a target market
Definition
segment size
segment growth
competitors serving the segment
profit potential in segment
Term
Target market
Definition
a set of buyers that share common needs and characteristics that a company wants to pursue
Term
target marketing
Definition
the process of evaluating each products segment
Term
segmented marketing
Definition
targeting several segments with separate products
Term
niche market
Definition
going after a large share of a small segment
Term
mass marketing
Definition
going after the whole market ignoring market segmentation
Term
differentiation
Definition
the act of making your product unique and meaningful making it easier to distinguish your product from the rest
Term
how to differentiate your product
Definition
identify a set of competitive advantages
choose the right set of advantages
create value!
Term
how to choose your advantages
Definition
Important – Highly valued benefit
Distinctive – Not available from competition
Superior – vs competition
Communicable and visible to the buyer
Preemptive – Competitors can’t easily copy
Affordable – Buyers can pay for difference
Profitable – Can offer difference profitably.
Term
positioning
Definition
The way a product is defined by consumers on important attributes (high/low quality, high/low price, etc.)
Term
Positioning Statements
Definition
To (target market) our (brand) is the (category) that (point of difference – Key Benefit)
Term
positioning map
Definition
Consumer perceptions of brands based on important buying criteria.
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