marketing mid term ch 7
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| steps in the target marketing process | 1. segmentation 2. targeting 3. positioning
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| segmentation | the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics
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| segmentation variables | dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences - demographics, psychographics, geodemographics
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| demographics | statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
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| psychographics | the use of psychological, sociological, and anthropological factors to construct market segments
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| geodemography | a segmentation technique that combines geography with demographics
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| targeting | a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers
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| evaluating market segments | 1. similar in needs and wants but different from consumers in other segments? 2.measurable? 3.large enough to be profitable now and in the future? 4.can marketing communications reach them? 5.can marketer adequately serve the needs of the segment?
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| undifferentiated targeting strategy | appealing to a broad spectrum of people
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| differentiated targeting strategy | developing one or more products for each of several distinct consumer groups and making sure these offerings are kept separate in the marketplace
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| concentrated targeting strategy | focusing a firm's efforts on offering one or more products to a single segment
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| mass customization | an approach that modifies a basic god or service to meet the needs of an individual
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| positioning | developing a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition
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| repositioning | redoing a products position to respond to marketplace changes
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| brand personality | a distinctive image that captures a good's or service's character and benefits
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| perceptual map | a technique to visually describe where brands are 'located' in consumers' minds relative to competing brands
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| Customer Relationship Management | a systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs
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| characteristics of CRM | share of a customer, lifetime value of a customer, customer equity
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| share of a customer | the percentage of an individual customer's purchase of a product that is a single brand
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| lifetime value of the customer | the potential profit a single customer's purchase of a firm's products generates over the customer's lifetime
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| customer equity | the financial value of a customer throughout the lifetime of the relationship
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