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MKC1Collins

chapter 5 Market Segmenting, Targeting, and Positioning

QuestionAnswer
Targeted marketing choosing select groups of people to sell to (aka differentiated marketing)
Mass Marketing Selling the same product to all consumers (aka undifferentiated marketing)
one-to-one marketing Forming close, personal relationships with customers and giving them exactly what they want.
Steps in One-to-One Marketing 1.Establish short-term measures to evaluate your efforts. 2.Identify your customers. 3.Differentiate among your customers. 4.Interact with your customers, targeting your best ones. 5.Customize your products and marketing messages to meet their nee
segmentation bases Criteria used to classify buyers
four segmentation categories behavioral, demographic, geographic, or psychographic
Benefits segmentation segmenting buyers by the benefits they want from products—is very common
demographic segmentation Segmenting buyers by tangible, personal characteristics such as their ages, incomes, ethnicity, family sizes, etc
Family life cycle The stages families go through over time and how it affects peoples buying behavior
Geographic segmentation Segmenting buyers by where they're located
Geocoding The process of plotting geographic marketing information takes on a map
geodemographics Combining both demographic and geographic information for marketing purposes
customer profiles The description of a type of customer based on market segmentation criteria
population density The number of people per square mile
Proximity marketing The process of segmenting buyers geographically and target them within a few hundred feet of a businesss using wireless technology.
Psychographic segmentation Segmenting people by their activities, interests, opinions, attitute, values and lifestyles
Innovators Innovators are successful, sophisticated, take-charge people with high self-esteem.
Thinkers Thinkers are motivated by ideals. They are mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility.
Achievers Motivated by the desire for achievement, Achievers have goal-oriented lifestyles and a deep commitment to career and family.
Experiencers Experiencers are motivated by self-expression
Believers Like Thinkers, Believers are motivated by ideals. They are conservative, conventional people with concrete beliefs based on traditional, established codes: family, religion, community, and the nation.
Strivers Strivers are trendy and fun loving
Makers Like Experiencers, Makers are motivated by self-expression. They express themselves and experience the world by working on it—building a house, raising children, fixing a car...
Survivors Survivors live narrowly focused lives. With few resources with which to cope, they often believe that the world is changing too quickly.
Multisegment marketing Tarteting multiple groups of consumers
Concentrated marketing Targeting a very select group of customers
Niche marketing Targeting an extremely select group of consumers
Microtargeting The process of gathering multiple sources of data available on people, everything from their tax and phone records to the catalogs they receive, so as to marketing to them.
Positioning Tailoring a product or its marketing so that it stands out from the competition and people want to buy it
Perceptual map A two-dimensional graph that visually shows where a product stands, or should stand relative to its competitors
tagline A catchphrase designed to sum on the essense of a product. Ex: Wendy's "It's better than fast food".
Repositioning The process of "moving" a product to a different place in the minds of consumers.
Created by: bobcollins
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