MT1 - Chapter 7 Vocab

Question 1

target marketing

Answer 1

identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each
(rifle vs shotgun)

Question 2

market segmentation

Answer 2

dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

Question 3

market targeting

Answer 3

evaluating each market segment’s attractiveness and selecting one or more segments to enter

Question 4

differentiation

Answer 4

differentiating the market offering to create superior customer value

Question 5

positioning

Answer 5

arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Question 6

segmenting consumer market variables (4)

Answer 6

geographic
demographic
psychographic
behavioral

Question 7

geographic segmentation

Answer 7

dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

Question 8

demographic segmentation

Answer 8

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, education, religion, ethnicity and generation

Question 9

age and life-cycle segmentation

Answer 9

dividing a target market into different age and life-cycle groups

Question 10

gender segmentation

Answer 10

dividing a market into different segments based on gender

Question 11

income segmentation

Answer 11

dividing a market into different income segments

Question 12

psychographic segmentation

Answer 12

dividing a market into different segments based on social class, lifestyle, or personality characteristics

Question 13

behavioral segmentation

Answer 13

dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product

Question 14

occasion segmentation

Answer 14

dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

Question 15

benefit segmentation

Answer 15

dividing the market into segments according to the different benefits that consumers seek from the product

Question 16

segmenting business markets (4)

Answer 16

operating characteristics
purchasing approaches
situational factors
personal characteristics

Question 17

segmenting international markets (4)

Answer 17

geographic location
economic factors
political and legal factors
cultural factors

Question 18

intermarket/cross-market segmentation

Answer 18

forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries

Question 19

requirements for effective segmentation (5)

Answer 19

measurable
accessible
substantial
differentiable
actionable

Question 20

target market

Answer 20

a set of buyers sharing common needs or characteristics that the company decides to serve

Question 21

undifferentiated (mass) marketing

Answer 21

a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

Question 22

differentiated (segmented) marketing

Answer 22

a market coverage strategy in which a firm decides to target several market segments and designs separate offers for each

Question 23

concentrated (niche) marketing

Answer 23

a market coverage strategy in which a firm goes after a large share of one or a few segments or niches

Question 24

micromarketing

Answer 24

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; includes local marketing and individual marketing

Question 25

local marketing

Answer 25

tailoring brands and marketing to the needs and wants of local customer segments (cities, neighborhoods, and even specific stores)

Question 26

SoLoMo

Answer 26

social local mobile

Question 27

individual marketing

Answer 27

tailoring products and marketing programs to the needs and preferences of individual customers

Question 28

product position

Answer 28

the way a product is defined by consumers on important attributes; the place the product occupies in consumers’ minds relative to competing products

Question 29

positioning maps

Answer 29

show consumer perceptions of their brands versus competing products on important buying dimensions

Question 30

competitive advantage

Answer 30

an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify the higher prices

Question 31

types of differentiation (5)

Answer 31

product
services
channels
people
image

Question 32

unique selling proposition

Answer 32

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?

Question 33

characteristics of differences to promote (7)

Answer 33

important
distinctive
superior
communicable
preemptive
affordable
profitable

Question 34

value proposition

Answer 34

full positioning of a brand; the full mix of benefits on which it is positioned

Question 35

winning value propositions (5)

Answer 35

more for more
more for the same
the same for less
less for much less
more for less

Question 36

positioning statement

Answer 36

a statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference)