Chapter 6 defintions
Chapter 6 defintions MKT 3400
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This 3 page Class Notes was uploaded by Amity brown on Tuesday September 29, 2015. The Class Notes belongs to MKT 3400 at Tennessee Tech University taught by Kathryn A Nicewicz in Fall 2015. Since its upload, it has received 50 views.
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Date Created: 09/29/15
Notes Chp 6 Definitions Segementation Divide the total market into smaller segments Targeting Select the segment or segments to enter Differentiation Differentiate the market offering to create superior customer value Positioning Position the market offering in the minds of the target customers Geographic segmentation Dividing a market into different geographical units such as nations states regions counties cities or even neighborhoods Demographic segmemtation Dividing the market into segments based on variables such as age life cycle stage gender income occupation education religion ethnicity and gender Age and life cycle segmentation Dividing a market into different age and life cycle groups Gender segmentation Dividing a market into different segments based on gender Income segmentation Dividing the market into different income segments Psychographic segmentation Dividing the market into different segments based on social class lifestyle or personality characteristics Behavioral segmentation Dividing the market into segment based on consumer knowledge attitudes uses or response to a product Occasion segmentation Dividing the market into segments according to occasions when buyers get the idea to buy actually make their purchase or use the purchased item Benefit segmentation Dividing the market into segments according to the different benefits that consumers seek from the product Intermarket or cross market segmentation Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries Target marketing A set of buyers sharing common needs or characteristics that the company decides to serve Undifferentiated mass marketing A market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer Differentiated segment marketing A market coverage strategy in which a firm decides to target several market segments and designs seperate offers for each Concentrated niche marketing A market coverage strategy in which a firm goes after a large share of one or few segments or niches Micromarketing Tailoring products and marketing programs to the needs and wants of specific individuals and local customers segments it includes local marketing and individual marketing Local Marketing Tailoring brands and promotions to the needs and wants of a local customer segment cities neighborhoods and even specific stores Individual marketing Tailoring products and marketing programs to the needs and preferences of and individual customer Product position The way a product is defined by consumers on important attributes the plave the product occupies in consumers39 minds relative to competing products Competitive advantage An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices Value propostion The full positioning of a brand the full miX of benefits on which it is positioned Positioning statement A statement that summarizes company or brand positioning using this form To target segment and need our brand is concept that point of difference