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MKTG 305

Chapter 9 - Market Segmentation, Targeting, and Positioning

TermDefinition
80/20 Rule a concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers
Market-Product Grid a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization
Market Segmentation involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action
Market Segments the relatively homogeneous groups of prospective buyers that result from the market segmentation process
Perceptual Map a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as the firm's own product or brand
Product Differentiation a marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products
Product Positioning the place a product occupies in consumers' minds on important attributes relative to competitive products
Product Repositioning changing the place a product occupies in a consumer's mind relative to competitive products
Usage Rate the quantity consumed or patronage (store visits) during a specific period (also called frequency marketing)
Created by: Danielle0051
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