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Behavioristic Segmentation

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Method of determining market segments by grouping consumers into product-related groups based on their purchase behavior

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Benefit Segmentation

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Method of segmenting consumers based on the benefits being sought

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Benefits

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The particular product attributes offered to customers such as high quality, low price, status, speed, sex appeal, good taste, and so on

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Brand

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The combination of name, words, symbols, or design that identifies the product and its source and distinguishes it from competing products- the fundamental differentiating device for all products

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Brand Equity

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The totality of what consumers, distributors, dealers and competitors feel and think about a brand over an extended period of time; in short, it is the value of the brand's capital

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Business Markets

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Organizations that buy natural resources, component products, and services that they resell, sue to conduct their business, or use to manufacture another product

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Collateral Materials

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All the accessory nonmedia advertising materials prepared by manufacturers to help dealers sell a product- booklets, catalogs, brochures, films, trade-show exhibits, sales kits, etc.

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Communication Element

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Includes all marketing related communications between the seller and the buyer

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Communications Mix

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A variety of marketing communications tools, grouped into personal and nonpersonal selling activities

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Cooperative Advertising

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The sharing of advertising costs by the manufacturer and the distributor or retailer. The manufacturer may repay 50 or 100 percent of the dealer's advertising costs or some other amount based on sales

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Copy Points

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Copywriting themes in a product's advertising

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Decline Stage

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The stage in the product life cycle when sales begin to decline to obsolescence, new technology, or changing consumer tastes

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Demographic Segmentation

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Based on a population's statistical characteristics such as sex, age, ethnicity, education, education, occupation, income or other quantifiable factors

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Direct Distribution

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The method of marketing in which the manufacturer ells directly to customers and use a variety of media to communicate with them directly such as through ads and catalogs

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Direct Marketing

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A system of marketing in which companies build their own database of customers and use a variety of media to communicate with them directly such as through ads and catalogs

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Distribution Channel

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The network of all the firms and individuals that take title or assist in taking title, to the product as it moves from the producer to the consumer

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Distribution Element

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How and where customers will buy a company's product; either direct or indirect distribution

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Early Adopter

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Prospects who are willing to try new things

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Equipment Based Service

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A service business that relies mainly on the use of specialized equipment

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Exclusive Distribution

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The strategy of limiting the number of wholesalers or retailers who can sell a product in order to gain a prestige image, maintain premium prices, or protect other dealers in a geographic region

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Family Brand

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The marketing of various products under the same umbrella name

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Franchising

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A type of vertical marketing system in which dealers pay a fee to operate under the guidelines and directions of the manufacturer

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Geodemographic Segmentation

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Combining demographics with geographic segmentation to select target markets in advertising

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Geographic Segmentation

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A method of segmenting markets by geographic regions based on the shared characteristics, needs, or wants of people within the region

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Growth Stage

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The period in a product life cycle that is marked by market expansion as more and more customers make their first purchases while others are already making their second and third purchases

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Hidden Differences

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Imperceptible but existing differences that may greatly affected the desirability of a product

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Individual Brand

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Assigning a unique name to each product a manufacturer makes

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Induced Differences

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Distinguishing characteristics of products effected through unique branding, packaging, distribution, merchandising, and advertising

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Intensive Distribution

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A distribution strategy based on making the product available to consumers at every possible location so that consumers can buy with a minimum effort

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Introductory Phase

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A distribution strategy based on making the product available to consumers at every possible location so that consumers can buy with a minimum effort

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Licensed Brand

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Brand names that other companies can buy the right to use

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Market Segmentation

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Strategy of identifying groups of people or organizations with certain shared needs and characteristics within the broad markets for consumer or business products and aggregating these groups into larger market segments according to their mutual interest in the product's utility

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Marketing Mix

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Four elements (four P's: product, price, place and promotion) that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy

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Maturity Stage

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That point in the product life cycle when the market has become saturated with products, the number of new customers has dwindled, and competition is most intense

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National Brand

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Product brand that is marketed in several regions of the country

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Network Marketing

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A method of direct distribution in which individuals act as independent distributors for a manufacturer or private-label marketer

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Nonpersonal Communication

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Marketing activities that uses some medium as an intermediary for communication, including advertising, direct marketing, public relations, collateral materials, and sales promotion

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North American Industry Classification System (NAICS) Codes

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Method used by the US Department of Commerce to classifies all businesses. The NAICS codes are based on broad industry groups, subgroups, and detailed groups of firms in similar lines of business

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People Based Service

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A service that relies on the talents and skills of individuals rather than on highly technical or specialized equipment

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Perceptible Differences

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Differences between products that are visibly apparent to the consumer

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Personal Communication

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Marketing activities that include all person-to-person contact with customers

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Position

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The way in which a product is ranked in the consumer's mind by the benefits it offers, by the way it is classified or differentiated from the competition, or by its relationship to certain target markets

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Price Element

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In the marketing mix, the amount charged for the good or service - including deals, discounts, terms, warranties and so on. The factors affecting price are market demand, cost of production, distribution, competition, and corporate objectives

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Primary Demand

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Consumer demand for a whole product category

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Primary Demand Trend

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The projection of future consumer demand for a whole product category based on past demand and other market influences

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Primary Motivation

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The pattern of attitudes and activities that help people reinforce, sustain or modify their social and self-image. An understanding of the primary motivation of individuals helps advertisers promote and sell goods and services

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Private Label

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Personalized brands applied by distributors or dealers to products supplied by manufacturers. Private brands are typically sold at lower prices in large retail chain stores

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Product Concept

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The consumer's perception of a product as a "bundle" of utilitarian and symbolic values that satisfy functional, social, and psychological and other wants and needs. Also, as an element of the creative mix used by advertisers to develop advertising strategy, it is the bundle of product values the advertiser presents to the consumer

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Product Element

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The most important element of the marketing mix: the good or service being offered and the values associated with it - including the way the product is designed and classified, positioned, branded and packaged

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Product Life Cycle

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Progressive stages in the life of a product - including introduction, growth, maturity, and decline - that affect the way a product is marketed and advertised

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Psychographic Segmentation

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Method of defining consumer markets based on psychological variables including values, attitudes, personality and lifestyle

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Psychographics

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The grouping of consumers into market segments on the basis of psychological makeup - values, attitudes, personality and lifestyle

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Publicity

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The generation of news about a person, product or service that appears in broadcast or print media

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Pull Strategy

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Marketing, advertising, and sales promotion activities aimed at inducing trial purchase and repurchase by consumers

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Purchase Occasion

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A method of segmenting markets on the basis of when consumers and use a good or service

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Push Strategy

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A monetary inducement for retail salespeople to push the sale of particular products

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Reseller

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Businesses that buy products from manufacturers or wholesalers and then resell the merchandise to consumers or other buyers; also called middlemen. These businesses do not change or modify the goods before they resell them. Resellers make their profits by selling the goods they buy for more than they paid. The most common examples of resellers are retail stores and catalog retailers. Internet retailers comprise a growing portion of the reseller business segment

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Resource Axis

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A term in the Values and Lifestyle (VALS) typology relating to the range of psychological, physical, demographic, and material capacities that consumers can draw upon. The resource axis includes education, income, self-confidence, health, eagerness to buy and energy level

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Sales Promotion

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A direct inducement offering extra incentives all along the marketing route - from manufacturers through distribution channels to customers - to accelerate the movement of the product from the producer to the consumer

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Selective Demand

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Consumer demand for the particular advantages of one brand over another

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Selective Distribution

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Strategy of limiting the distribution of a product to select outlets in order to reduce distribution and promotion costs

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Service

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A bundle of benefits that may or may not be physical, that are temporary in nature, and that come from the completion of a task

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Special Events

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Scheduled meetings, parties, and demonstrations aimed at creating awareness and understanding for a product or company

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Target Market

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The market segment or group within the market segment toward which all marketing activities will be directed

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Target Marketing Process

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The sequence of activities aimed at assessing various market segments, designating certain ones as the focus of marketing activities, and designing marketing mixes to communicate with and make sales to these targets

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Telemarketing

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Selling products and services by using the telephone to contact prospective customers

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Usage Rate

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The extent to which consumers use a product: light, medium, or heavy

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User Status

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Six categories into which consumers can be placed which reflect varying degrees of loyalties to certain brands and products: sole users, semisole users, discount users, aware nontriers, trial/rejectors, and repertoire users

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Vertical Marketing System (VMS)

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A centrally programmed and managed system that supplies or otherwise serves a group of stores or other businesses

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Volume Segmentation

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Discounts given to advertisers for purchasing print space or broadcast time in bulk quantities

Benefit Segmentation: Leveraging Product Attributes for Market Segments

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