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Acct. Vocab ch9

midterm 2

QuestionAnswer
target marketing directiing a company's marketing effort towards serving one or more groupe of customers sharing common need or chracteristics
targeting the process of evaluating each market segment's attractiveness and selecting one or more segements to enter
positioning arranging for a product to occupy a clear, distinct and desirable place relative to competing products in the minds of target consumers
geographic segmentation dividing the market into different geographical units such as nations, regions, states, counties, cities or neighbourhoods
demographic segmentation dividing the market into groups based on demographic variables such as age, gender, family size, life cycle, income, occupation, education, religion, race, generation and nationality
life-cyle/ age segmentation offering products or marketing approaches that recognize the consumer's changing needs at different stages of their life
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 chracteristics
behavioural segmentation dividing a market into groups based on consumer knowledge, attitude, use or response to a product
occasion segmentation diciding the market into groups according to occasions when buyers get the idea to buy, actually make their purchase or use the purchased item
geodemographics the study of the relationship between geographical location and demographics
intermarket segmentation forming segments of consumers who have similar needs and buying behavior even though they are from different countries
measurability the degree to which the size, purchasing power and profits of a market segment can be measured
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 marketing coverage strategy in which a firm decides to target several market segments and designs separate offers for each
concentrated/ niche marketing a market coverage stategy in which a firm goes after a large share of one or a few submarkets
micromarketing a form of target marketing in which companies tailor their marketing programs to the needs and wants of a narrowly defined geographic, demographic, psychographic or behavioral segments
local marketing marketing that involves tailoring brands and promotions to the needs and wants of local customer groups
individual marketing tailoring products and marketing programs to the needs and preferences of individual consumers
product position the way the product is defined by consumers on important attributes
competitive advantage an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices
value positioning a range of positioning alternatives based on the value an offering delivers and its price
positioning statement a statement that summarizes company or brand positioning
Created by: 669545743