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