Chapter 8 Flashcards
Market
all actual and potential buyers of a product or service
1-Market Segmentation
dividing up a market into distinct groups
2- market targeting
evaluating each segments attractiveness and selecting one/more
3-Market Positioning
developing a competitive positioning for the product and an appropriate market mix
Behavioural Segmentation
dividing a market into groups based on consumers knowledge, attitude, use or response
bifurcated markets
markets that are divided into two major market segments ( rich vs poor asia example)
competitive advantages
an advantage over a competitor gained by offering a customer great value either through lower prices or by providing more benefits
competitors strategy
when competitors use segmentation undifferientated marketing can be deadly and vice versa can be beneficial to use concentrated marketing when they use only undifferentiated
confused positioning
leaves buyers with a confused image of the company
degree of product homogeneity
undifferentiated marketing = homogenous products
concentrated = heterogenous products
demographic segmentation
dividing the market into groups based on demographic variables such as age,sex,family size, life cycle stage
market homogeneity
if buyers have the same tastes, buy a product in the same amounts and react the same way to marketing efforts undifferentiated marketing is appropriate
market positioning
formulating complex positioning for a product and a detailed marketing plan
market target
evaluating each markets attractiveness and selecting one or more segments to enter
over positioning
giving buyers too narrow of a picture of the company
