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