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Definition
| Process of identifying groups of people with certain shared characteristics within a broad product market |
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| Focus of marketing activities toward a previously identified profitable segment |
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Definition
Geographic
Demographic
Physcographic
Behavioral |
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| Divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religon, race, generation, and nationality |
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| Divides market into different geographical units such as nations, regions, states, counties, etc. |
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| Common consumption patterns based on geographic location |
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| Tools Used To Evaluate Geodemographics |
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| Groups segment people and locations into marketable groups of like-minded consumers that exhibit unique characteristics and buying behavior |
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| Divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product |
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| Identifies consumers based on values, personality, lifestyle, cultural and ethnicity |
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| Sources of information for segmentation |
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Definition
Primary - Company research
Secondary - BDI/CDI, Census |
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Term
| To be useful, market segments must be what? |
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| marketing targets the whole market with one offer |
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| Targets several different market segments and designs separate offers for each |
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| Targets a large share of a smaller market (Ritz Carlton) |
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Is the practice of tailoring products and marketing programs to suit the tastes of specific individuals
Includes local and individual marketing |
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Definition
| talioring brands and promotion to the nedds and wants of local customer groups |
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Definition
| Tailors products and marketing programs to the needs and preferences of individual customers |
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Term
| Choosing a Target Market depends on what? |
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Definition
| RVVLC..... Company resources, Product and Market Variability, Product life-cycle stage, Competitors marketing strategies |
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| Socially Responsible Target Marketing |
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Definition
| Don't Advertise in places where it doesn't belong |
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Term
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Definition
| Way the product is defined by consumers on important attributes - perceptions, impressions, feelings |
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Term
| 4 Steps in Choosing a Differentiation and Positioning Strategy |
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Definition
1. Identify possible competitive advantages
2. Choose right competitive advantage
3. Select overall position
4. Develop a positioning statement |
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Term
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Definition
| advantage over competitors by offering greater value through lower prices, or providing more benefits that justify higher prices |
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