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Chapter 9 MKTG 250
| Term | Definition |
|---|---|
| Market Segmentation | Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. (link between identifying market needs and executing market actions) |
| Product Differentiation | A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive a product as being different and better than competing products. |
| Market-Product-Grid | A framework to relate the market segments of potential buyers to products offered or potential marketing actions. |
| Books and Magazines | One product and multiple market segments (books, different age groups) |
| Automobiles | Multiple products and multiple market segments (truck, car, suv; soccer mom, divorced dad) |
| Build-to-order only when there is an order | Segments of one "mass customization" (personalized to each person) |
| Organizational Synergy | Better functioning organization (Chick-Fil-A) |
| Cannibalization | Stealing sales from yourself (Anne Taylor customers moving to Loft store bc its same product but cheaper) |
| "Tiffany/Walmart" | selling to high-end and low-end segments |
| Step one: Group potential buyers into segments | Simplicity and cost-effectiveness. • Potential for increased profit. • Similarity of needs of buyers within a segment. • Difference of needs of buyers among segments. • Potential of a marketing action to reach a segment. (some business avoid) |
| Ways to segment consumer markets | geographic segmentation-where customers live or work demographic segmentation- objective classification (anything but geographic) |
| 9-4 | focus on those who already spend the money. like fast food places and those who eat there |
| Personas | Character descriptions of a typical customer in the form of fictional character narratives, complete with images that capture the personalities, values, attitudes, beliefs, demographics, and expected interactions with a brand. |
| Step 2: Group Products to be sold in categories | Understand segments and how to properly target them |
| Step 3: Decelop market grid and size of market | |
| Step 4: Selecttarget market | Divide into segments, pick in those segments |
| Step 5; Take actions for each target market | Headquarters, other competetors, what is interesting for customers |
| Product Positioning | The place a product occupies in consumers’ minds based on important attributes relative to competitive products. (how do people think about the company) |
| Product Repositioning | Changing the place a product occupies in a consumer’s mind relative to competitive products. |
| Positioning statement | how they want to be seen and then the ads |
| Perceptual map | A means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm’s own product or brand. (where you are, where to go) |
Created by:
agk236