Chapter 6 Terms

concentrated marketing

A market - coverage strategy in which a firm goes after a large share of one or a gew segments of niches

differntiated marketing

A market-coverage strategy in which a firm targets several market segments and designs sepate offers for each

local marketing

tailoring brands and marketing 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

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Behavioral Segmentation

Dividing the market based on how people behave toward various products. This category includes both the benefits that consumers seek from products and how consumers use the products.

The​ Ritz-Carlton has carefully created a strong and distinctive differentiation​ strategy, which is supported by everything the company​ says, is, and does. Which type of differentiation is​ this?

Image Differentiation

A manufacturer of​ half-ton pickup trucks creates a positioning map for the U.S.​ half-ton pickup market. The position of each circle on the map indicates the​ brand's perceived positioning on two​ dimensions: price and orientation​ (economy versus​ performance). The size of each circle indicates the​ brand's relative market share. This is an example of _________

Perceptual Positioning Map

Value Proposistion

The full positioning of a brand - the full mix of benefits on which it is positioned

undifferentiated marketing

a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

Differentiation

actually differentiating the market offering to create superior customer value

competitive advantage

an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

Age and life-cycle segmentation

dividing a market into different age and life-cycle groups

geographic segmentation

dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

Income segmentation

dividing a market into different income segments

Gender segmentation

dividing a market into different segments based on gender

psychographic segmentation

dividing a market into different segments based on lifestyle or personality characteristics

occasion segmentation

dividing the market into segments according to occasion 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

demographic segmentation

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

Market Targeting

evaluating each market segment's attractiveness and selecting one or more segments to enter

Intermarket (cross-market) segmentation

forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries

Micromarketing

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing

product position

the way a product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products

Target Market

A set of buyers who share common needs or characteristics that a company decides to serve

positioning statement

A statement that summarizes company or brand positioning using this form : To (target segment and need) our (brand) is (concept) that (point of difference).

Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers