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| Organizes customers into groups on the basis of where they live. Can be grouped by country, region, or areas within a region. |
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| Groups consumers according to easily measured, objective characteristics such as age, gender, income, and education. |
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| Method of segmenting that delves into how consumers actually describe themselves. |
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| Goals for life, not just goals one wants to accomplish in a day. |
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| Image people have of themselves |
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| psychographic tool in which consumers are classified into eight segments based on answers to a questionnaire. Vertical dimension indicate level of resources. Horizontal indicate psychological methods for buying. |
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| Geodemographic segmentation |
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| Uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers. |
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| Groups consumers on the basis of benefits they derive from products and services. |
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| Divides customers into groups based on how they use the product or service. |
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| Behavioral segmentation based on when a product or service is purchased or consumed. |
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| Investing in retention and loyalty initiatives to retain their most profitable customers. |
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Definition
| Firms need to be able to identify who is within their market to be able to design products or services to meet their needs. |
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| When a firm has identified its potential target market, it then needs to measure their size of the market. |
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| Market must be able to be reached through persuasive communications and product distribution. Consumer must know what the product can do for him or her, and recognize how to buy it. |
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| For a segmentation strategy to be successful, customer must react similarly and positively to the firm's offering. |
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| Marketers must focus assessments on the potential profitable ability of each segment. |
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| When everyone might be considered a potential user of its product. Focuses on the similarites in needs of the customers as opposed to differences. |
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Definition
| Firms target several market segments with a different offering for each market. |
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| Organization selects a single, primary traget market and focuses all its energies on providing a product to fit their market's needs. |
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| Firm tailors a product or service to suit an individual customer's wants or needs. |
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| Unique value that a product or service provides to its customers, and how it is better than and different from those of competitors. |
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| Displays in two or more dimensions, the position of products or brands in the consumer's mind. |
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| Determine Consumers Perceptions |
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Definition
| Determining their brand's position by asking consumers a series of questions about their and competitors products. |
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| Identify Competitors Positions |
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Definition
| How its customers view its brand relative to the competitors, it must study how those competitors position themselves. |
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| Determine Consumer Preferences |
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Definition
| Determine the ideal product or service that appeals to each market, based on what the consumer really wants. |
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| What angle the marketers want to take on selling the product to consumers. |
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| Monitor the positioning strategy. |
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Definition
| Firms view the first three steps of the positioning process as ongoing and adjusments being made to step 4 if necessary. |
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