Marketing Chapter 7

Perceptual Map

A diagrammatic technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers.

Usage Rate

A measurement that reflects the quantity purchase or frequency of use among consumers of a particular product or service.

Positioning

A strategy that influences how a particular market segment perceives a good or service in comparison with the competition.

Mass Customization

An approach that modifies a basic good or service to meet the needs of an individual.

1st

Analyzing competitor's positions is the ___ stage in a positioning decision.

Segmentation Variables

Dimensions that divide the total market into fairly homogenous groups, each with different needs and preferences.

Generation X

Generation of consumers that often have a cynical attitude toward marketing.

3rd

Positioning is the ____ Step in the Target Marketing Process.

1st

Segmentation is the ____ Step in the Target Marketing Process.

Demographics

Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure.

Differentiated Strategy

Strategy that develops one or more products for each of several distinct customer groups and makes sure these offerings are kept separate in the marketplace.

Target Marketing

Strategy that divides the total market into different segments on the basis of customer characteristics, selecting one or more segments and developing products to meet the needs of those specific segments.

Concentrated Targeting Strategy

Strategy that focuses on a firm's efforts on offering one or more products to a single segment.

Market Fragmentation

The creation of many consumer groups due to a diversity of distinct needs and wants in modern society

Brand Personality

The development of an identity for the product market that the target market will prefer over those competing brands.

Targeting

The name for a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to turn them into consumers.

Segmentation

The process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics.

Content Marketing

The strategy of establishing thought leadership in the form of bylines, blogs, commenting opportunities, videos, sharable social images, and infographics.

Psychographics

The use of psychological, sociological, and anthropological factors to construct market segments.