MT1 - Chapter 7 Vocab Flashcards
target marketing
identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each
(rifle vs shotgun)
market segmentation
dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
market targeting
evaluating each market segment’s attractiveness and selecting one or more segments to enter
differentiation
differentiating the market offering to create superior customer value
positioning
arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
segmenting consumer market variables (4)
geographic
demographic
psychographic
behavioral
geographic segmentation
dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods
demographic segmentation
dividing the market into segments based on variables such as age, life-cycle stage, gender, income, education, religion, ethnicity and generation
age and life-cycle segmentation
dividing a target market into different age and life-cycle groups
gender segmentation
dividing a market into different segments based on gender
income 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, or responses to a product
occasion segmentation
dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
benefit segmentation
dividing the market into segments according to the different benefits that consumers seek from the product
segmenting business markets (4)
operating characteristics
purchasing approaches
situational factors
personal characteristics
segmenting international markets (4)
geographic location
economic factors
political and legal factors
cultural factors
intermarket/cross-market segmentation
forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries
requirements for effective segmentation (5)
measurable accessible substantial differentiable actionable
target market
a set of buyers sharing common needs or characteristics that the company decides to serve
undifferentiated (mass) marketing
a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
differentiated (segmented) marketing
a market coverage strategy in which a firm decides to target several market segments and designs separate offers for each
concentrated (niche) marketing
a market coverage strategy in which a firm goes after a large share of one or a few segments or niches
micromarketing
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; includes local marketing and individual marketing
local marketing
tailoring brands and marketing to the needs and wants of local customer segments (cities, neighborhoods, and even specific stores)
SoLoMo
social local mobile
individual marketing
tailoring products and marketing programs to the needs and preferences of individual customers
product position
the way a product is defined by consumers on important attributes; the place the product occupies in consumers’ minds relative to competing products
positioning maps
show consumer perceptions of their brands versus competing products on important buying dimensions
competitive advantage
an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify the higher prices
types of differentiation (5)
product services channels people image
unique selling proposition
represents the full mix of benefits on which a brand is differentiated and positioned and is the answer to the customer’s question, “Why should I buy your brand?
characteristics of differences to promote (7)
important distinctive superior communicable preemptive affordable profitable
value proposition
full positioning of a brand; the full mix of benefits on which it is positioned
winning value propositions (5)
more for more more for the same the same for less less for much less more for less
positioning statement
a statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference)
