Advertising and Promotion chapter 2 – Flashcards
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Behavioristic segmentation
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method of segmenting a market by dividing customers into groups based on their usage, loyalties, and buying response to product a services.
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Benefit segmentation
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method of segmenting markets on basis of major benefits consumers seek in product or service
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Brand identity
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combination of name, logo, symbols, design, packaging image and association held by consumer toward a brand
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Brand equity
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combination of name, logo, symbols, design, packaging image and association held by consumer toward a brand
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Competitive advantage
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something unique or special that firm does or possess that provides an advantage over its competitors
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Concentrated marketing
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type of marketing strategy whereby a firm chooses to focus its marketing effort on one particular market segment
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demographic segmentation
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method of segmenting a market based on demographic characteristics of consumers
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Direct Channels
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marketing channel where producer and ultimate consumer interact directly with one another
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Differentiated marketing
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type of marketing strategy whereby a firm offers products or service to number of market segments and develops separate marketing strategies for each.
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Geographic segmentation
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different geographic units or areas
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Indirect channels
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wholesaler & retailers utilized to make product available to consumer
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Marketing channels
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set of interdependent organization involved in process of making product or service available to customers
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Marketing opportunities
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area of company believes there favorable demand trends, needs or wants that are not being satisfied and where it can compete effectively
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Marketing segments
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customers share similar needs, wants or other characteristic that make them likely to respond in similar fashion to marketing program
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Market segmentation
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divide market into distinct groups that have common needs and will respond similarly to marketing action
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Positioning
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art & science of fitting product or service to one or more segments of market in such way to set meaningfully apart from competition
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Product symbolism
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meaning of brand and product to consumer
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Promotional push strategy
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a strategy in which advertising and promotional efforts are targeted to trade to attempt to get them to promote and sell the product to ultimate consumer
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Promotional pull strategy
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a strategy in which advertising and promotion efforts are targeted at ultimate consumers to encourage them to purchase the manufacturer brand
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Psychographic segmentation
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dividing product on basis of personality or lifestyles
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Repositioning
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changing product or brands positioning
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Salient attributes
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attributes considered important to consumers in purchase decision process
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Strategic marketing plan
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planning framework for specific marketing activities
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Trade advertising
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advertising targeted to wholesalers and retailers
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Target marketing
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process of identifying specific need of segments, selecting one or more of these segment as target and developing marketing program directed to each
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Undifferentiated marketing
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strategy in which market segment difference are ignored and one product or service is offered to the entire market
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80-20 Rule
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20 % of their buyers account for 80% of sales volume
