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MKT Chapter 6

QuestionAnswer
market segmentation dividing a market into smaller segments with distinct needs, characteristics, or behavior 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 mind of target customers
geographic segmentation dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods
demographic segmentation dividing the market into segments based on variales such as age, gender, family size,family life, income, occupation, 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 segments based on gender
income segmentation dividing a market into different income segments
psychographic segmentation dividing a market into different segments based on social class, lifestyle, or personality characteristics
behavioral segmentation dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
occasion segmentation dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
benefit segmentation dividing the market into segments according to the different benefits that consumers seek from the product
intermarket segmentation forming segments of consumer who have similar need and buying behavior even though 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 ad 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
concentrated (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 customer segments-includes local marketing and individual marketing
local marketing tailoring brands and promotions to the needs and wants of local customer segments-cities, neighborhoods, and even specific stores
individual marketing tailoring products and marketing programs to the needs and preferences of individual customers-also labeled one to one marketing, customized marketing, and markets of one marketing
product position the way the product is defined by consumers on important 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 form: to (target segment and need) our (brand) is (concept) that (point of difference)
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