Chapter 6 vocab
Marketng Segmentation: Dividing a market into smaller groups with distinct needs, characteristics, behaviors, that might require separate marketing strategies or mixes.
Market Targeting: The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Differentiation: Actually differentiating the market offering to create superior customer value.
Positioning: Arranging for a market offering to occupy a clear, distinctive, and desreable place relative to competng products in the minds of target customers.
Geographic segmentation: Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.
Demographic Segmentation: Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Age and life cycle segmentation: Dividing a market into different age and life cycle groups.
Gender Segmentation: Dividing a market into different groups based on gender.
Income Segmentation: Dividing a market into different income groups.
Psychographic Segmentation: Dividing a market into different groups based on social class, lifestyle, or personality characteristics.
Behavioral Segmentation: Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.
Occasion Segmentation: Dividing the market into groups 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 groups according to the different benefits that consumers seek from the product.
Intermarket Segmentation: Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
Target Market: A set of buyers sharing common needs or characteristics that the company decides to serve.
Undifferentiated 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 marketing: A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
Concentrated marketing: A market coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Micromarketing: The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups.
Local Marketing: Tailoring brands and promotions to the needs and wants of local customer groups.
Products Position: The way the product is defined by consumers on important attributes- the place the product occupies in consumers minds relative to competing products.
Competitive Advantage:An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.
Value Proposition: The full positioning of a brand- the full mix of benefits upon which it is positioned.
Positioning Statement: A statement that summarizes company or brand positioning.
Market Targeting: The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Differentiation: Actually differentiating the market offering to create superior customer value.
Positioning: Arranging for a market offering to occupy a clear, distinctive, and desreable place relative to competng products in the minds of target customers.
Geographic segmentation: Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.
Demographic Segmentation: Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Age and life cycle segmentation: Dividing a market into different age and life cycle groups.
Gender Segmentation: Dividing a market into different groups based on gender.
Income Segmentation: Dividing a market into different income groups.
Psychographic Segmentation: Dividing a market into different groups based on social class, lifestyle, or personality characteristics.
Behavioral Segmentation: Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.
Occasion Segmentation: Dividing the market into groups 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 groups according to the different benefits that consumers seek from the product.
Intermarket Segmentation: Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
Target Market: A set of buyers sharing common needs or characteristics that the company decides to serve.
Undifferentiated 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 marketing: A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
Concentrated marketing: A market coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Micromarketing: The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups.
Local Marketing: Tailoring brands and promotions to the needs and wants of local customer groups.
Products Position: The way the product is defined by consumers on important attributes- the place the product occupies in consumers minds relative to competing products.
Competitive Advantage:An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.
Value Proposition: The full positioning of a brand- the full mix of benefits upon which it is positioned.
Positioning Statement: A statement that summarizes company or brand positioning.