MKTG Ch 6
Product Position
The way the product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products
Income Sementation
Dividing a market into different income segments
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
Positioning Statement
A statement that summarized company or brand positioning- it takes this form: To (target segment and need) our (brand) is (concept) that (point-of-difference)
Differentiation
Actually differentiating the market offering to create superior customer value
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
Positioning
Arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers
Age and life-cycle segmentation
Dividing a market into different age and life-cycle groups
Geographic Segmentation
Dividing a market into different geographical inits 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 smaller segments with distinct needs, characteristics or behavior that might require separate marketing strategies or mixes
Occasion Segmentation
Dividing the market into segments according to occasions the buyers get the idea to buy, actually make their purchase or use the purchase item.
Benefit Segmentaion
Dividing the market into segments according to the different benefits that consumers seek from the product
Behavioral Segmentation
Dividing the market into segments based on consumer knowledge, attitudes, uses or responses to a product
Demographic Segmentation
Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation and or nationality
Intermarket Segmentation
Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
Local Marketing
Tailoring brands and promotions 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- also labeled "one to one marketing", "customized marketing" and "markets-0f-one marketing"
Value Proposition
The full positioning of a brand- the full mix of benefits upon which it is positioned
Micromarketing
The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments (includes local and individual marketing)
Marketing Targeting
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter