Introduction of Marketing Chapter 6 – Flashcards
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Market segmentation
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Dividing a market into smaller segments of buyers with distinct needs, charateristics, or behaviors 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 desorable place relative to cpmpeting products in the minds of target consumers.
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Income segmentation
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Dividing a market into diffeerent income segments.
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Psychographic segmentation
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Dividing a market into diffeerent 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, or reponses 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 thogh they are located in different countries.
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Differentiated (segmented) 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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Concentrated (niche) marketing
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A market-coverage strategy in which a firm goes afteer 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 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 customerss.
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Geograghic segmentation
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Dividing a market into different geograhpical unitis, 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, 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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Target market
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A set of buyers sharing common needs or chracteristivs that the company decides to serve.
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Undifferentiatied (mass) marketing
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A market-coverage strategy in which a firm decides to ignore market segment differences and go after the wholw market with one offer.
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Product position
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The way a product is defined by consumers on important attributes--the place the 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 loweeer 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 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).
