Chapter 7 Flashcards
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.
Market segmentation
Evaluating each market segment’s attractiveness and selecting one or more segments to serve.
Market targeting (targeting)
Actually differentiating the market offering to create superior customer value.
Differentiation
Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.
Geographic segmentation
Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
Demographic segmentation
Dividing a market into different age and life-cycle groups.
Age and life-cycle segmentation
Dividing a market into different segments based on gender.
Gender segmentation
Dividing a market into different income segments.
income segmentation
Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product.
Behavioral segmentation
Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Occasion segmentation
Dividing the market into segments according to the different benefits that consumers seek from the product.
benefit segmentation
Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries.
Intermarket (cross-market) segmentation
A set of buyers who share common needs or characteristics that a company decides to serve.
target market
A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
Undifferentiated (mass) marketing
A market-coverage strategy in which a firm targets several market segments and designs separate offers for each.
Differentiated (segmented) marketing
A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Concentrated (niche) marketing
Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing.
micromarketing
Tailoring brands and marketing to the needs and wants of local customer segments—cities, neighborhoods, and even specific stores.
local marketing
Tailoring products and marketing programs to the needs and preferences of individual customers.
individual marketing
The way a product is defined by consumers on important attributes—the place it occupies in consumers’ minds relative to competing products.
product position
The full positioning of a brand—the full mix of benefits on which it is positioned.
value proposition
