Principles of Marketing 16th Edition Chapter 7 – Flashcards
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Market Segmentation
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Dividing a market into smaller segments of buyers with distinct need, characteristics, or behaviors that might require separate marketing strategies or mixes.
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Differentiating
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Evaluating each market offering to create superior customer value.
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Positioning
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Arranging 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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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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Target Market Vs. Segmentation
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Divide into segments, then choose the ones to target. The decision is the key.
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Product Position
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The way a product is defined by consumers on important attributes. -The place a product occupies in consumers minds relative to competing products.
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Positioning Statement (Define)
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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).
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positioning statement
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Use this to sum up a company and brand positioning.
