Chapter Six Flashcards
Geographic segmentation
Dividing a market into different geographical units, such as nations,regions, cities, even neighborhoods
Demographic segmentation
Devises the market into segments based off of age gender income religion
Age and life cycle segmentation
Dividing a market into different age and life cycle groups
Gender segmentation
Dividing A market into different segments based on gender
I come segmentation
Dividing a market into different income segments
Psychographic segmentation
Dividing a market into different segments based on social class, lifestyle, or personality characteristics
Behavioral segmentation
Dividing a market into segments based on consumer knowledge attitudes, uses of a product or response to a product
Occasion segmentation
Dividing a market into segments according to occasions when buyers get the idea to buy a certain product
Like Christmas tree
Benefit segmentation
Dividing the market into segments according to the different benefits each consumer seeks from a product
Intermarket segmentation
Forming segments of consumers who have similar needs and buying behavior even though they live in different countries
Target market
A set of buyers sharing common needs or characteristics the company decides to serve
Undifferentiated marketing
A strategy in which a company decides to ignore market segment differences and go after the whole market with one offer
Differentiated marketing
A market coverage strategy in which a firm decides to target several market segments and design separate offers to each
Concentrated marketing
A market strategy in which a company goes after a large share of one or more target markets
Micro marketing
The practice of tailoring products and marketing programs to suit the taste of specific individual market
Local marketing
Tailoring brands and marketing to meet the needs and wants of the locals in the area
Florida sell swim suite
Not in Michigan
Individual marketing
Tailoring products and marketing programs to the needs and preferences of individuals
Product Position
How a product is defined by the consumer the place it occupies in the consumers mind
Competitive advantage
An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices
Value proposition
The full positioning of a brand the list of benefits on which it is positioned
Answers why why should I buy your brand
Positioning statement
A statement that summarizes a company or brand positioning using this form: to target market or brand helps you this way
