Marketing DSM Chapter 7

usage rate
a measurement that reflects the quantity of purchased or frequency of use among consumers of a particular product or service
mass customization
an approach that modifies a basic good or service to meet the needs of an individual
brand personality
-a distinctive image that captures a good or service’s character and benefits
-the development of an identity for the product market that the target market will prefer over those of competing brands
retro brand
once-popular brand that has been revived to experience a popularity comback
behavioral segmentation
a technique that divides consumers into segments on the basic of how they act toward, feel about, or use a good or service
segmentation
the process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics
targeting
a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to turn them into customers
positioning
a strategy that influences how a particular market segment perceives a good or service in comparison with the competition
repositioning
the process of redoing a product’s position to respond to marketplace changes
segmentation variables
dimensions that divide the total market into fairly homogenous groups, each with different needs and preferences
demographics
statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
usage indicators
indicators used in behavioral market segmentation based on when consumers use a product most
geographic information system (GIS)
a system that combines a geographic map with digitally stored data about the consumers in a particular geographic area
differentiated targeting strategy
a strategy that develops one or more products for each of several distinct customer groups and makes sure these offerings are kept separate in the marketplace
concentrated targeting market strategy
focuses a firm’s efforts on offering one or more products to a single segment
undifferentiated targeting strategy
appeals to a broad spectrum of people
customized marketing strategy
tailors specific products and the messages about them to individual customers
competitive advantage
provide a reason why consumers will perceive the product as better than the competition
Generation X
(more needed)
often have a cynical attitude toward marketing
content marketing
the strategy of establishing thought leadership in the form of bylines, blogs, commenting opportunities, videos, sharable social images, and infographics
generational marketing
a strategy that markets to members of a generation, who tend to share the same outlook and priorities
geodemography
a segmentation strategy that combines geography with demographics
target marketing strategy
divides the total market into different segments on the basis of customer characteristics, selecting one or more segments and developing to meet the needs of those specific segments
market fragmentation
the creation of many consumer groups due to a diversity of distinct needs and wants in modern society
perceptual map
technique used to visually describe where brands are “located” in consumers’ minds relative to competing brands