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Chp. 6 Marketing

QuestionAnswer
Market Segmentation Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Market Targeting The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Differentiation Actually differentiating the market offering to create superior customer value.
Positioning Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Geographic Segmentation Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.
Demographic Segmentation Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Age and Life-Cycle Segmentation Dividing a market into different age and life-cycle groups.
Gender Segmentation Dividing a market into different groups based on gender.
Income Segmentation Dividing a market into different income groups.
Psychographic Segmentation Dividing a market into different groups based on social class, lifestyle, or personality characteristics.
Behavioral Segmentation Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.
Occasion Segmentation Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Benefit Segmentation Dividing the market into groups according to the different benefits that consumers seek from the product.
Intermarket Segmentation Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
Target Market A set of buyers sharing common needs or characteristics that the company decides to serve.
Undifferentiated (mass) Marketing A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
Differentiated (segmented) Marketing A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
Concentrated (niche) Marketing A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Micromarketing The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups - includes local marketing and individual marketing.
Local Marketing Tailoring brands and promotions to the needs and wants of local customer groups - cities, neighborhoods, and even specific stores.
Individual Marketing Tailoring products and marketing programs to the needs and preferences of individual customers.
Product Position The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products.
Competitive Advantage An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.
Value Proposition The full positioning of a brand - the full mix of benefits upon which it is positioned.
Positioning Statement A statement that summarizes company or brand positioning - it takes this form: To (target segment and need) our (brand) is (concept) that (point-of-differnce).
Created by: tgrant01
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