Marketing: Chapter 9 Market Segmentation, Targeting, and Positioning – Flashcards
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market segmentation
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involves aggregating prospective buyers into groups that 1) have common needs and 2) will respond similarly to marketing action.
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market segments
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are the relatively homogeneous groups of prospective buyers that result from the market segmentation process.
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product differentiation
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involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products.
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market-product grid
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is a framework to relate the market segments of potential buyers to products offered or potential marketing actions.
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usage rate
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is the quantity consumed or patronage - store visits - during a specific period.
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80/20 rule
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is a concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers.
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product positioning
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refers to the place a product occupies in consumers' minds on important attributes relative to competitive products.
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product repositioning
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change the place a product occupies in a consumer's mind relative to competitive products.
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head-to-head positioning
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involves competing directly with competitors on similar product attributes in the same target market.
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differentiation positioning
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involves seeking a less-competitive, smaller market niche in which to locate a brand.
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perceptual map
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is a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers.
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geographic segmentation
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is based on where prospective customers live or work.
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demographic segmentation
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is based on some objective physical (gender, race), measurable (age, income), or other classification attribute (birth era, occupation) of prospective buyers.
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psychographic segmentation
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is based on some subjective mental or emotional attributes (personality), aspirations (lifestyle), or needs of prospective buyers
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behavioral segmentation
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is based on some observable actions or attitudes by prospective customers - such as where they buy, what benefits they seek, how frequently they buy, and why they buy.
