Marketing Chapter 7

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Marketing Chapter 7
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2013-02-25 22:45:48
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  1. Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.  
    Market segmentation 
  2. The process of evaluating each market segment's attractiveness and selecting one or more segments to enter. 
    Market Targeting 
  3. Differentiating the market offering to create superior customer value. 
    Differentiation 
  4. Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
    Positioning 
  5. Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods. 
    Geographic Segmentation 
  6. Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. 
    Demographic Segmentation 
  7. Dividing a market into different age and life-cycle groups. 
    Age and life-cycle segmentation 
  8. Dividing a market into different segments based on gender.
    Gender segmentation 
  9. Dividing a market into different income segments. 
    Income segmentation 
  10. Dividing a market into different segments based on social class, lifestyle, or personality characteristics. 
    Psychographic Segmentation
  11. Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product. 
    Behavioral Segmentation 
  12. Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item. 
    Occasion Segmentation 
  13. Dividing the market into segments according to the different benefits that consumers seek from the product. 
    Benefit segmentation 
  14. Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
    Intermarket Segmentation (cross-market segmentation)
  15. A set of buyers sharing common needs or characteristics that the company decides to serve.
    Target Market 
  16. A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. 
    Undifferentiated (mass) marketing 
  17. A market-coverage strategy in which a firm decides to target several market segment and designs separate offers for each.
    Differentiated Marketing 
  18. A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches. 
    Concentrated (niche) marketing
  19. Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing. 
    Micromarketing
  20. Tailoring brands and promotions to the needs and wants of local customer segments- cities, neighborhoods, and even specific stores.
    Local marketing 
  21. Tailoring products and marketing programs to the needs and preferences of individual customers- also called one-to-one marketing, customized marketing, and markets-of-one marketing.  
    Individual marketing 
  22. The way the product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products.
    Product position 
  23. An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices.
    Competitive advantage 
  24. The full positioning of a brand- the full mix of benefits on which it is positioned.
    Value proposition
  25. A statement that summarizes company or brand positioning.  (To busy, mobile professionals who need to always be in the loop)
    Positioning statement 

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