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RIT POM CH 8
| Term | Definition |
|---|---|
| Market | People or Organizations with needs or wants and the ability and willingness to buy |
| Market Segment | subgroup with similar needs |
| Reasons to Segment Markets | •Enables marketers to identify groups of customers with similar needs and analyze buy behavior<br>•Design marketing mixes matched with characteristics and desires<br>• Satisfy customers wants and needs while meetings organizations objectives |
| Criteria For Segmentation | • Substantial<br>•Identifiable and Measurable <br>•Accessible<br>•Responsive |
| Criteria For Segmentation:Substantiality | Segment large enough for special marketing mix |
| Criteria For Segmentation:Identifiable and Measurable | Number of people in age category and other social characteristics |
| Criteria For Segmentation:Accessible | able to reach targeted segments with customized marketing mixes |
| Criteria For Segmentation:Responsive | markets segmented using any criteria that seems logical |
| Segmentation Bases(Variables) | characteristics of individuals, groups, or organizations |
| Geographic Segmentation | region of country/world, market size,density, or climate |
| Demographic Segmentation | age, gender, income, ethnic background |
| Psychographic Segmentation | personality, motivations, lifestyles, and geodemographics |
| Ethnic Segmentation | based on different cultures |
| Benefit Segmentation | market toward groups according to what they seek from product. |
| Usage Segmentation | divide market by amount of product bought or consumed |
| Target Market | Group of people of Orgs for which an Org creates a specific marketing mix for; mutually satisfying exchanges. |
| Undifferentiated Target | One big market, no segments; single marketing mix |
| Concentrated Target | Select one segment of the market |
| Multisegment Target | Choose 2 or more market segments, develop specific marketing mix for each. |
| Cannibilization | Sales of new product cutting into sales of firms or orgs existing products |
| One-to-One Marketing | uses customer info to build long term, personalize, profitable relationship with each customer |
| Positioning | Develope a specific marketing mix to influence potential customers overall perception of brand, product line, or organization in general |
| Repositioning | changing customers perceptions of a brand in relation to competing brands |
| STP Process | Segmentaion<br>Targeting<br>Positioning |
| Segmentaion | Break ENTIRE market up into meaningful segments |
| Targeting | Pick the segment or segments to attack |
| Positioning | Take marketing mix and adjust Product, Price, Promotion, and Place TO WIN! |
Created by:
thecrew
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