Ch. 7 Customer Driven Marketing Strategy – Flashcards
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Market Segmentation
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Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
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Market Targeting
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
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Differentiation
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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 the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
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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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Behavioral Segmentation
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Dividing a market into segments based on consumer knowledge, attitudes, uses, 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 Segmentation (Cross-Market Segmentation)
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Forming segments of consumers who have similar needs and buying behavior 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 market segments and designs separate offers for each.
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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 promotions 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—also called one-toone marketing, customized marketing, and markets-of-one marketing.
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Positioning Statement
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A statement that summarizes company or brand positioning. It takes this form: To (target segment and need) our (brand) is (concept) that (point of difference).
