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Marketing Exam 2

Chapter 9

TermDefinition
Market 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.
Product positioning is the place a product occupies in consumers’ minds based on important attributes relative to competitive products.
Personas are character descriptions of a brand’s typical customers. Personas bring target market data alive by creating fictional character narratives.
Product repositioning involves changing the place a product occupies in a consumer’s mind relative to competitive products.
Ways to segment consumer markets Geographic segmentation—where customers live or work. Demographic segmentation—objective classification. Psychographic segmentation—subjective attributes. Behavioral segmentation—observable action.
Step 1 in segmenting and targeting markets GROUP POTENTIAL BUYERS INTO SEGMENTS
Step 2 in segmenting and targeting markets GROUP PRODUCTS TO BE SOLD INTO CATEGORIES
Step 3 in segmenting and targeting markets DEVELOP A MARKET-PRODUCT GRID AND ESTIMATE THE SIZE OF MARKETS
Step 4 in segmenting and targeting markets SELECT TARGET MARKETS
Step 5 in segmenting and targeting markets TAKE MARKETING ACTIONS TO REACH TARGET MARKETS
Organizational synergy better functioning organization.
Cannibalization stealing sales from yourself
Three segmentation strategies One product and multiple market segments. Multiple products and multiple market segments. Segments of one—“mass customization.”
Segmentation Linking needs to actions
Created by: user-2068582
 

 



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