Chapter Eight Flashcards
Benefit Segmentation
the process of grouping customers into market segments according to the benefits they seek from the product
Concentrated Targeting Strategy
a strategy used to select one segment of a market for targeting marketing efforts
Demographic Segmentation
segmenting markets by age, gender, income, ethnic background, and family life cycle
Family Life Cycle (FLC)
a series of stages determined by a combination of age, marital status, and the presence or absence of children
Geodemographic Segmentation
segmenting potential customers into neighborhood lifestyle categories
Market
people or organizations with needs or wants and the ability and willingness to buy
Market Segment
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
Market Segmentation
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
Multisegment Targeting Strategy
a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
Niche
one segment of a market
Position
the place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings
Positioning
developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general
Product Differentation
a positioning strategy that some firms use to distinguish their products from those of competitors
Psychographic Segmentation
segmenting markets on the basis of personality, motives, lifestyles, and geodemographics
Repositioning
changing consumers’ perceptions of a brand in relation to competing brands
