marketing an introduction chapter 6

market segmentation
dividing a market into smaller groups with distinct needs, characteristics, or 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 desirable place relative to competing products in the minds of target consumers
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
pshycographic 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 a 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 a 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 tough they are located in different countries
target market
a set of buyers sharing common needs or characteristics that the company decides to serve.
undifferentiated ( 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
differentiated ( segmented ) marketing
a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
concerntrated ( niche ) 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 customers groups – includes local marketing and individual marketing
local marketing
tailoring brands and promotions to the needs and wants of local customer groups-cities, neighborhoods, and even specific stores
individual marketing
tailoring products and marketing programs to the needs and preferences of individual customers – also lables ‘ markets-of-one marketing ‘ and ‘ one-to-one marketing ‘
product position
the way the product is defined by consumers on imporatnt 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- it takes this from : to ( target segment and need ) our ( brand ) is ( the concept of the brand ) that ( the point of difference ).