Market Segmentation and Positioning - Chapter 7 Flashcards
benefit segmentation
grouping of people based on the different benefits they seek from a product
customised marketing
the market coverage strategy where a company decides to target individual customers and develops separate marketing mixes for each
differentiated marketing
a market coverage strategy where a company decides to target several market segments and develops separate marketing mixes for each
focused marketing
a market coverage strategy where a company decides to target one market segment with a single marketing mix
lifestyle segmentation
grouping of people according to their patterns of living as expressed in their activities, interests and opinions
macrosegmentation
segmentation of organisational markets by size, industry and location
market segmentation
process of identifying individuals or organisations with similar characteristics that have significant implications for the determination of marketing strategy
microsegmentation
segmentation according to choice criteria, decision making unit structure, decision making process, buy class, purchasing structure
positioning
the choice of target market (where the company wishes to compete) and differential advantage (how the company wishes to compete)
profile segmentation
grouping of people in terms of profile variables, such as age , socio-economic group, so that marketers can communicate with them
psychological segmentation
the grouping of people according to their lifestyle and personality characteristics
re-positioning
changing the target market or differential advantage, or both
target marketing
the choice of which market segments to serve with a tailored marketing mix
undifferentiated marketing
a market coverage strategy where a company decides to ignore market segment differences and develops a single marketing mix for the whole market
