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MKTG Chapter 9
| Term | Definition |
|---|---|
| Segmentation | involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action |
| Product Differentiation | is a marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products |
| Market-Product Grid | s a framework to relate the market segments of potential buyers to products offered or potential marketing actions |
| Market Segmentation Strategies | 1. one product & multiple market segments 2. multiple products & multiple market segments 3. segments of one -"mass customization" |
| Mass Customization | build to order only when there is an order |
| Cannibalizing | stealing sales from yourself |
| Tiffany/Walmart Strategy | higher end market and lower end market (winnie the pooh jewelry) |
| Personas | are character descriptions of a brand’s typical customers. Personas bring target market data alive by creating fictional character narratives |
| Product Positioning | is the place a product occupies in consumers’ minds based on important attributes relative to competitive products |
| Product Repositioning | involves changing the place a product occupies in a consumer’s mind relative to competitive products |
| Perceptual Map | is 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 |
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