Marketing Chapter 6: Customer Value-driven Marketing Strategy: – Flashcards
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Market segmentation
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Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
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Market targeting (targeting)
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Evaluating each market segment's attractiveness and selecting one or more segments to serve
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Differentiation
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Actually differentiating the market offering to create superior customer value
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Positioning
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Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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Geographic segmentation
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Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods
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Demographic segmentation
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Dividing a market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
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Age and life-cycle segmentation
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Dividing a market into different age and life-cycle groups
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Gender segmentation
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Dividing a market into different segments based on gender
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Income segmentation
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Dividing a market into different income segments
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Psychographic segmentation
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Dividing a market into different segments based on social class, lifestyle, or personality characteristics
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Behavioral segmentation
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Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product
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Occasion segmentation
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Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
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Benefit segmentation
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Dividing the market into segments according to the different benefits that consumers seek from the product
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Intermarket (cross-market) segmentation
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Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries
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Target market
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A set of buyers sharing common needs or characteristics that the company decides to serve
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Undifferentiated (mass) marketing
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A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
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Differentiated (segmented) marketing
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A market-coverage strategy in which a firm decides to target several mark segments and designs separate offers for each
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Concentrated (niche) marketing
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A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
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Micromarketing
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Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing
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Local marketing
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Tailoring brands and marketing to the needs and wants of local customer segments-cities, neighborhoods, and even specific stores
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Individual marketing
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Tailoring products and marketing programs to the needs and preferences of individual customers
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Product position
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How a product is defined by consumers on important attributes-the place a product occupies in consumers' minds relative to competing products
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Competitive advantage
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An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
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Value proposition
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The full positioning of a brand-the full mix of benefits on which it is differentiated and positioned
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Positioning statement
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A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference)
