Marketing Chapter 7

Positioning

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

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

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.

Market Targeting (Targeting)

the process of evaluation each market segments attractiveness and selecting one or more segments to enter

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 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.

Target Market

A set of buyers sharing common needs or characteristics that the company decides to serve

Position Statement

Statement that summarizes company or brand positioning using this form: to (target segment and need) our (brand) Is (concept) that (point of difference).

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.

Differentiation

Differentiating the market offering to create superior customer value.

Geographic Segmentation

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

Gender Segmentation

Dividing a market into different segments based on gender

Psychographic Segmentation

Dividing a market into different segments based on social class, lifestyle, or personality characteristics

Market Segmentation

Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behaviors, and who might require separate marketing strategies and mixes.

Behavioral Segmentation

Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product

Demographic Segmentation

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

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.

Inter-market (Cross-Market) Segmentation

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

Value Proposition

Full positioning of a brand - full mix of benefits upon which it is positioned

Product Position

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

Age and Life Cycle Segmentation

dividing a market into different age and life cycle groups

Income Segmentation

dividing a market into different income segments