Principles of Marketing 16th Edition Chapter 7

Market Segmentation
Dividing a market into smaller segments of buyers with distinct need, characteristics, or behaviors that might require separate marketing strategies or mixes.
Differentiating
Evaluating each market offering to create superior customer value.
Positioning
Arranging 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 even neighborhoods.
Target Market
A set of buyers sharing common needs or characteristics that the company decides to serve.
Target Market Vs. Segmentation
Divide into segments, then choose the ones to target. The decision is the key.
Product Position
The way a product is defined by consumers on important attributes. -The place a product occupies in consumers minds relative to competing products.
Positioning Statement (Define)
A statement that summarizes company or brand positioning using this form: To (Target segment and need) our (Brand) is (concept) that (point of difference).
positioning statement
Use this to sum up a company and brand positioning.