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.

is a framework to relate the market segments of potential buyers to products offered or potential marketing actions.

1.Geographic segmentation—where customers live or work. 2.͏ Demographic segmentation—objective classification. 3.͏ Psychographic segmentation—subjective attributes. 4.͏ Behavioral segmentation—observable action.

Segments of one—“mass customization.” -Build-to-order only when there is an order. -Everyone gets their own thing, personalized products

stealing sales from yourself. (an taylor loft clothing store)

Tiffany/Walmart strategy

selling to high-end and low-end segments. (winnie the po plate set)

are character descriptions of a brand’s typical customers. Personas bring target market data alive by creating fictional character narratives.

is the place a product occupies in consumers’ minds based on important attributes relative to competitive products.

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.

product repositioning

involves changing the place a product occupies in a consumer’s mind relative to competitive products.

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Marketing 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	is a framework to relate the market segments of potential buyers to products offered or potential marketing actions.
ways to segment	1.Geographic segmentation—where customers live or work. 2.͏ Demographic segmentation—objective classification. 3.͏ Psychographic segmentation—subjective attributes. 4.͏ Behavioral segmentation—observable action.
mass customization	Segments of one—“mass customization.” -Build-to-order only when there is an order. -Everyone gets their own thing, personalized products
cannibalization	stealing sales from yourself. (an taylor loft clothing store)
Tiffany/Walmart strategy	selling to high-end and low-end segments. (winnie the po plate set)
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.
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.
product repositioning	involves changing the place a product occupies in a consumer’s mind relative to competitive products.

Created by: user-2067651

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