chapter 7 target market strategy – Flashcards
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The creation of many consumer groups due to the diversity of their needs and wants
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marget fragmentation
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Dividing the total market into different segments based on customer characteristics, selecting one or more segments, and developing products to meet those segments' needs
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Target marketing strategy
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The process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics
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segmentation
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Dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences
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segmentation variable
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Segmentation variables include:
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Demographics
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Generational marketing Behavioral characteristics
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2 Generational marketing
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psychological, sociological, and anthropological factors
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Behavioral characteristics
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born between 1979 and 1994
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Generation Y:
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born between 1965 and 1978
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generation x
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born between 1946 and 1964
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baby boomers
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A straight, urban male who is keenly interested in fashion, home design, gourmet cooking, and personal care
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metrosexual
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Combines geography with demographics
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geodemography
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Customizes Web advertising so people who log on in different places see ad banners for local businesses
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Geocoding
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The use of psychological, sociological, and anthropological factors to construct market segments Members of psychographic segments typically share activities, interests, and opinions, or AIOS The VALS2 system segments U.S. consumers into eight unique groups
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psychographics
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Segments consumers based on how they act toward, feel about, or use a product
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behavioral segmentation
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Firms CAN make money selling small amounts of items IF they sell enough different items
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long tail
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Heavy, medium, and light users and nonusers of a product
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user status
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an indicator used in behavioral market segmentation based on when consumers use a product
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Usage occasions
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helps B2B firms understand the needs and characteristics of potential customers
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Segmentation
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A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which segment they will invest resources to try to turn them into customers
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Targeting:
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Appealing to a broad spectrum of people
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undifferentiated target strategy
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Developing one or more products for each of several customer groups
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Differentiated targeting strategy
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Offering one or more products to a single segment
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Concentrated targeting strategy
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a description of the typical customer in a segment
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segment profile
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Tailoring specific products to individual customers Common in personal and professional services, and in industrial marketing
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custom marketing strategy
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Modifying a basic good or service to meet the needs of an individual
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Mass customization
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Developing a marketing strategy to influence how a particular market segment perceives a good/service in comparison to the competition
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Positioning:
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Requires redoing a product's position in response to marketplace changes
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repositioning
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A once-popular brand that has been revived to experience a popularity comeback, often by riding a wave of nostalgia
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retro brand
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A distinctive image that captures the brand's character and benefits
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brand personality
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A technique used to visually describe where products/brands are "located" in consumers' minds relative to competing brands
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perceptual map
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A systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs
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Customer relationship management:
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Identify customers and get to know them in as much detail as possible Differentiate customers by their needs and value to the company Interact with customers; find ways to improve cost efficiency and the effectiveness of the interaction Customize some aspect of the products you offer each customer
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Four Steps in One-to-One Marketing
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look at last slides crm vs cem
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look at last slides
