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Market300chap8
| Question | Answer |
|---|---|
| Geographic segmentation | the grouping of consumers on the basis of where they live. |
| Demographic segmentation | the grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education. |
| Psychographics | used in segmentation; delves into how consumers describe themselves; allows people to describe themselves using those characteristics that help them choose how they occupy their time and what underlying psychological reasons determine those choices. |
| Self-values | goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his or her life. |
| Lifestyles | a component of psychographics; refers to the way a person lives his or her life to achieve goals. |
| Self-concept | the image a person has of him- or herself; a component of psychographics. |
| Benefit segmentation | the grouping of consumers on the basis of the benefits they derive from products or services. |
| Geodemographic segmentation | the grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics. |
| VALS™ | a psychographic tool developed by SRI Consulting Business Intelligence; classifies consumers into eight segments: innovators, thinkers, believers, achievers, strivers, experiencers, makers, or survivors. |
| Behaviorla Segmentation | a segmentation method that divides customers into groups based on how they use the product or service. Some common behavioral measures include occasion and loyalty. |
| Occasion segmentation | a type of behavioral segmentation based on when a product or service is purchased or consumed. |
| Loyalty segmentation | strategy of investing in loyalty initiatives to retain the firm’s most profitable customers |
| Micromarketing | an extreme form of segmentation that tailors a product or service to suit an individual customer’s wants or needs; also called one-to-one marketing |
| Concentrated targeting strategy | a marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit that market’s needs. |
| Differentiated targeting strategy | a strategy through which a firm targets several market segments with a different offering for each. |
| Undifferentiated targeting strategy | a marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups. |
| Positioning | involves a process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products |
| Value proposition | the unique value that a product or service provides to its customers and how it is better than and different from those of competitors. |
| Value | reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives ) |
| Ideal points | the position at which a particular market segment’s ideal product would lie on a perceptual map |
| Perceptual map | displays, in two or more dimensions, the position of products or brands in the consumer’s mind. |
Created by:
Jylkasonga
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