RMU marketing Quiz Ch 7
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| Positioning | Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
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| Geographic Segmentation | Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.
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| Market segmentation | The process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs.
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| Demographic segmentation | Divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
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| Age and life-cycle stage segmentation | The process of offering different products or using different marketing approaches for different age and life-cycle groups.
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| Gender segmentation | Divides the market based on sex (male or female)
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| Income segmentation | Divides the market into affluent or low-income consumers
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| Psychographic segmentation | Divides buyers into different groups based on social class, lifestyle, or personality traits
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| Behavioral segmentation | Divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product Occasions Benefits sought User status Usage rate Loyalty status
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| Multiple segmentation | Identifies smaller, better-defined target groups
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| Geodemographic segmentation | Multivariable segmentation that divides groups into consumer lifestyle patterns
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| Intermarket segmentation | Divides consumers into groups with similar needs and buying behaviors even though they are located in different countries
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| Undifferentiated marketing | Targets the whole market with one offer
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| Differentiated marketing | Targets several different market segments and designs separate offers for each
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| Micromarketing | The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations
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| Local marketing | Tailoring brands and promotion to the needs and wants of local customer groups
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| Individual marketing | Tailoring products and marketing programs to the needs and preferences of individual customers
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| Product position | The way the product is defined by consumers on important attributes—the place the product occupies in consumers’ minds relative to competing products. i.e. Perceptions Impressions Feelings
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| Competitive advantage | An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices
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| In general, a company should only enter a segment when it can | Offer superior value and gain advantage over customers.
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| Business marketers do not segment the market by | Brand personalities
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| Marketers must be careful to guard against this when using age and life cycle segmentation | Stereotyping
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| This reason would NOT make segmentation less attractive to a company | Concentrated Market
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| When a company serves the common needs of music and artists to 55 year old baby boomers it is called | Target marketing
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