Marketing Segmentation Targeting and Positioning Flashcards
Define Marketing Segmentation
The process of dividing a market into distinct groups of buyers with similar needs, characteristics or behaviors
Define Targeting
The selection of specific segments to serve, focusing on delivering marketing messages and products tailored to those segments
Define Positioning
The way a product or brand is perceived in the minds of target customers relative to competitor’s products
Define Mass Marketing
Utilizing the same Marketing Mix for the wider market
Name the advantages of Targeted Marketing and Segmentation
- Customization of the Marketing Mix
- Better Resource Allocation
- Competitive Advantage
- Improved Product Development
Define Demographic Segmentation
Dividing the market based on demographic variables such as race, age, gender, income, education, and family size.
Define Psychographic Segmentation
Segmenting the market based on lifestyle, values, attitudes, and personality characteristics of consumers.
Define Geographic Segmentation
Dividing the market based on geographic units such as regions, countries, cities, or climate zones.
What are the Criteria for Effective Segmentation
- Measurability
- Accessibility
- Economic Viability
- Actionability
- Differentiability
Name the bases of Psychographic Segmentation
- Lifestyle
- Social Class
- Personality
Define Undifferentiated Targeting
A strategy where the entire market is treated as a single segment, with the same marketing mix.
Define Differentiated Targeting
Developing separate marketing strategies for different market segments.
Define Concentrated Targeting
Focusing on a single, specific market segment with a unique marketing mix
Define Niche Marketing
Targeting a specialized segment of the market with unique and specific needs
Define Micro Marketing
The most personalized form of marketing focusing on very small segments of the market or individual customers
