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Acct. Vocab ch9
midterm 2
| Question | Answer |
|---|---|
| target marketing | directiing a company's marketing effort towards serving one or more groupe of customers sharing common need or chracteristics |
| targeting | the process of evaluating each market segment's attractiveness and selecting one or more segements to enter |
| positioning | arranging for a product to occupy a clear, distinct and desirable place relative to competing products in the minds of target consumers |
| geographic segmentation | dividing the market into different geographical units such as nations, regions, states, counties, cities or neighbourhoods |
| demographic segmentation | dividing the market into groups based on demographic variables such as age, gender, family size, life cycle, income, occupation, education, religion, race, generation and nationality |
| life-cyle/ age segmentation | offering products or marketing approaches that recognize the consumer's changing needs at different stages of their life |
| gender segmentation | dividing a market into different groups based on gender |
| income segmentation | dividing a market into different income groups |
| psychographic segmentation | dividing a market into different groups based on social class, lifestyle or personality chracteristics |
| behavioural segmentation | dividing a market into groups based on consumer knowledge, attitude, use or response to a product |
| occasion segmentation | diciding the market into groups according to occasions when buyers get the idea to buy, actually make their purchase or use the purchased item |
| geodemographics | the study of the relationship between geographical location and demographics |
| intermarket segmentation | forming segments of consumers who have similar needs and buying behavior even though they are from different countries |
| measurability | the degree to which the size, purchasing power and profits of a market segment can be measured |
| 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 and go after the whole market with one offer |
| differentiated/ segmented marketing | a marketing coverage strategy in which a firm decides to target several market segments and designs separate offers for each |
| concentrated/ niche marketing | a market coverage stategy in which a firm goes after a large share of one or a few submarkets |
| micromarketing | a form of target marketing in which companies tailor their marketing programs to the needs and wants of a narrowly defined geographic, demographic, psychographic or behavioral segments |
| local marketing | marketing that involves tailoring brands and promotions to the needs and wants of local customer groups |
| individual marketing | tailoring products and marketing programs to the needs and preferences of individual consumers |
| product position | the way the product is defined by consumers on important attributes |
| competitive advantage | an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices |
| value positioning | a range of positioning alternatives based on the value an offering delivers and its price |
| positioning statement | a statement that summarizes company or brand positioning |
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