Marketing Ch. 7

What is another name for segmented marketing?

Differentiated marketing

Which term refers to distinguishing the market offering to create superior customer value?

Differentiation

What does differentiation involve?

Distinguishing the market offering to create superior customer value

Which of the following describes market targeting?

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

__________ segmentation divides a market into nations, states, regions, counties, cities, or even neighborhoods.

Geographic

__________ is tailoring products and marketing programs to the needs and preferences of individual customers.

Individual marketing

__________ refers to tailoring brands and marketing to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores.

Local marketing

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

Market targeting

Which of the following is an example of psychographic segmentation?

Social class

What is the definition of local marketing?

Tailoring brands and marketing to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores

What is 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

Competitive advantage is __________.

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

Positioning involves __________.

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

Intermarket segmentation is the segmenting of __________.

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

Marketing segmentation is best defined as __________.

dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

The segmenting of consumers who have similar needs and buying behaviors even though they are located in different countries is known as __________ segmentation.

intermarket

Occasion segmentation involves dividing a market into __________.

segments according to times when buyers get the idea to buy, actually make their purchase, or use the purchased item

Behavioral segmentation divides a market into __________.

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

Psychographic segmentation is dividing a market into different __________.

segments based on social class, lifestyle, or personality characteristics

Value proposition is __________.

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

Which of the following describes 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

What is a positioning statement?

A summary of the company or brand positioning using this form: To (target segment and needs) our (brand) is (concept) that (point of difference)

__________ is a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Concentrated marketing

__________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

Marketing segmentation

__________ refers to tailoring products and marketing programs to the needs and wants of specific individuals and customer segments.

Micromarketing

Which of the following divides a market into segments according to times when buyers get the idea to buy, actually make their purchase, or use the purchased item?

Occasion segmentation

__________ is an example of psychographic segmentation.

Personality

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

Positioning

__________ is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.

Product position

__________ refers to the full positioning of a brand—the full mix of benefits on which it is positioned.

Value proposition