Term
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Definition
| A subgroup of people sharing one or more characteristics that cause them to have similar product needs. |
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Term
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Definition
| The process of dividing a market into meaningful, relatively similar, identifiable segments or groups. |
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Term
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Definition
| Geography, demographic, psychographic, behavioral, benefits sought |
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Term
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Definition
| Region, market size, market density, climate, rural/suburban/urban |
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Term
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Definition
| Diving the market into groups based on variables such as age, gender, family size, family life cylce, income, occupation, education, religion, race, generation, and nationality |
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| Generational segmentation |
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Definition
| Divided based off of different generation characteristics |
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| Psychographic Segmentation |
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Definition
| Broken down in terms of shared attitudes, interests, and opinions |
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Term
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Definition
| Slices the market in terms of participation or non-participation in an activity |
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Term
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Definition
| General rule of thumb that says 20% of customers buy 80% of a product |
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Term
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Definition
| An important form of behavioral segmentation- benefit segmentation requires marketers to understand and find the main benefits customers look for in a product |
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Term
| Criteria for segmentation |
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Definition
| Substantiality, idenfiability measurability, accessibility, responsiveness |
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Term
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Definition
| Segment must be large enough to warrant a special marketing mix |
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Term
| Identifiability measurability |
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Definition
| semgents must be identifiable and teir size measurable |
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Term
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Definition
| members of targeted segments must be reachable with marketing mix |
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Term
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Definition
| Unless segment repsonds to a marketing mix differently, no seperate treatment is needed |
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Term
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Definition
| A group of people or organizations for which an org designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exhanges |
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Term
| Undifferentiated targeting strategy |
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Definition
| Marketing approach that views the market as one big market and thus requires a single marketing mix |
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Term
| Concentrated targeting strategy |
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Definition
| A strategy used to select one segment of a market for targeting efforts |
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Term
| Multisegment targeting strategy |
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Definition
| More than one segment is identified for targeting efforts |
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Term
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Definition
| The process by which a brand occupies a distince position, relative to competing brands, in the mind of the consumer |
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Term
| Brand postioning statement |
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Definition
| To this target market, XYZ brand is this frame of reference that offers this most compelling benefit |
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