Marketing chapter 6 key terms

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tmoy4565
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Marketing chapter 6 key terms
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2013-11-02 17:16:32
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Marketing Exam
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Marketing Exam #2
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  1. Age and life- cycle segmentation
    Dividing a market into different age and life-cycle groups.
  2. Behavioral segmentation
    Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product.
  3. Market segmentation
    Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
  4. Market targeting
    The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
  5. Differentiation
    Actually differentiating the market offering to create superior customer value.
  6. Positioning
    Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
  7. Geographic segmentation
    Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.
  8. Demographic segmentation
    Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
  9. Gender segmentation
    Dividing the market into different segments based on gender.
  10. Income segmentation
    Dividing a market into different income segments.
  11. Psychographic segmentation
    Dividing a market into different segments based on social class, lifestyle, or personality characteristics.
  12. Behavioral segmentation
    Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product.
  13. 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.
  14. Benefit segmentation
    Dividing the market into segments according to the different consumers seek from the product.
  15. Target market
    A set of buyers sharing common needs or characteristics that the company decides to serve.
  16. Undifferentiated marketing (aka 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.
  17. Differentiated marketing (aka segmented marketing)
    A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
  18. Concentrated (niche) marketing
    A market-coverage strategy in which a firm goes after a large share of one or a few segment or niches.
  19. Micromarketing
    Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing.
  20. Local marketing
    Tailoring brands and promotions to the needs and wants of local customer segments-cities,neighborhoods and even specific stores.
  21. Individual marketing
    Tailoring products and marketing programs to the needs and preferences of individual customers.
  22. Product position
    The way a product is defined by consumers on important attributes-the place the product occupies in the consumers' minds relative to competing products.
  23. Competitive advantage
    An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices.
  24. Value proposition
    The full positioning of a brand-the full mix of benefits on which it is positioned.

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