Advertising and Promotion chapter 2

Behavioristic segmentation
method of segmenting a market by dividing customers into groups based on their usage, loyalties, and buying response to product a services.
Benefit segmentation
method of segmenting markets on basis of major benefits consumers seek in product or service
Brand identity
combination of name, logo, symbols, design, packaging image and association held by consumer toward a brand
Brand equity
combination of name, logo, symbols, design, packaging image and association held by consumer toward a brand
Competitive advantage
something unique or special that firm does or possess that provides an advantage over its competitors
Concentrated marketing
type of marketing strategy whereby a firm chooses to focus its marketing effort on one particular market segment
demographic segmentation
method of segmenting a market based on demographic characteristics of consumers
Direct Channels
marketing channel where producer and ultimate consumer interact directly with one another
Differentiated marketing
type of marketing strategy whereby a firm offers products or service to number of market segments and develops separate marketing strategies for each.
Geographic segmentation
different geographic units or areas
Indirect channels
wholesaler & retailers utilized to make product available to consumer
Marketing channels
set of interdependent organization involved in process of making product or service available to customers
Marketing opportunities
area of company believes there favorable demand trends, needs or wants that are not being satisfied and where it can compete effectively
Marketing segments
customers share similar needs, wants or other characteristic that make them likely to respond in similar fashion to marketing program
Market segmentation
divide market into distinct groups that have common needs and will respond similarly to marketing action
Positioning
art & science of fitting product or service to one or more segments of market in such way to set meaningfully apart from competition
Product symbolism
meaning of brand and product to consumer
Promotional push strategy
a strategy in which advertising and promotional efforts are targeted to trade to attempt to get them to promote and sell the product to ultimate consumer
Promotional pull strategy
a strategy in which advertising and promotion efforts are targeted at ultimate consumers to encourage them to purchase the manufacturer brand
Psychographic segmentation
dividing product on basis of personality or lifestyles
Repositioning
changing product or brands positioning
Salient attributes
attributes considered important to consumers in purchase decision process
Strategic marketing plan
planning framework for specific marketing activities
Trade advertising
advertising targeted to wholesalers and retailers
Target marketing
process of identifying specific need of segments, selecting one or more of these segment as target and developing marketing program directed to each
Undifferentiated marketing
strategy in which market segment difference are ignored and one product or service is offered to the entire market
80-20 Rule
20 % of their buyers account for 80% of sales volume