Principles of Marketing Kotler & Armstrong 14th Edition Chapter 7
Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
Market targeting (targeting)
The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Differentiating the market offering to create superior customer value.
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing product
Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.
Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Age and life-cycle segmentation
Dividing a market into different age and life-cycle groups.
Dividing a market into different segments based on gender.
Dividing a market into different income segments.
Dividing a market into different segments based on social class, lifestyle, or personality characteristics.
Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product.
Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Dividing the market into segments according to the different benefits that consumers seek from the product.
Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
A set of buyers sharing common needs or characteristics that the company decides to serve.
A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
Concentrated (niche) marketing
A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; It includes local marketing and individual marketing.
Tailoring brands and promotions to the needs and wants of local customer segments—cities, neighborhoods, and even specific stores.
Tailoring products and marketing programs to the needs and preferences of individual customers—also called one-toone marketing, customized marketing, and markets-of-one marketing.
The way the product is defined by consumers on important attributes—the place the product occupies in consumers’ minds relative to competing products.
An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices.
The full positioning of a brand—the full mix of benefits on which it is positioned.
A statement that summarizes company or brand positioning. It takes this form: To (target segment and need) our (brand) is (concept) that (point of difference).
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