Term
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Definition
| diving a market into specific groups with distinct needs, characteristics or behaviors |
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Term
| Four marketing strategies |
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Definition
| 1. Market segmentation 3. select target market 3. differentiate your product/ service 4. position your product/ service |
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Term
| four bases for market segmentation |
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Definition
| 1. geographic 2. demographic 3. psychological 4. behavioral |
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Term
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Definition
| dividing a market into different geographies/locations |
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Term
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Definition
| dividing a market into measurable variables such as age, religion, race, etc. |
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Term
| psycho-graphic segmentation |
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Definition
| diving a market based on things such as values, life style, attitudes, personality |
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Term
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Definition
| dividing a market based on purchase behavior |
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Term
| market segmentation is.... |
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Definition
| based on market research and looking for ways to look insightfully insight fully at the market |
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Term
| evaluating and selecting a target market |
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Definition
segment size
segment growth
competitors serving the segment
profit potential in segment |
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Term
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Definition
| a set of buyers that share common needs and characteristics that a company wants to pursue |
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Term
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Definition
| the process of evaluating each products segment |
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Term
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Definition
| targeting several segments with separate products |
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Term
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Definition
| going after a large share of a small segment |
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Term
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Definition
| going after the whole market ignoring market segmentation |
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Term
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Definition
| the act of making your product unique and meaningful making it easier to distinguish your product from the rest |
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Term
| how to differentiate your product |
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Definition
identify a set of competitive advantages
choose the right set of advantages
create value! |
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Term
| how to choose your advantages |
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Definition
Important – Highly valued benefit
Distinctive – Not available from competition
Superior – vs competition
Communicable and visible to the buyer
Preemptive – Competitors can’t easily copy
Affordable – Buyers can pay for difference
Profitable – Can offer difference profitably. |
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Term
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Definition
| The way a product is defined by consumers on important attributes (high/low quality, high/low price, etc.) |
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Term
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Definition
| To (target market) our (brand) is the (category) that (point of difference – Key Benefit) |
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Term
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Definition
| Consumer perceptions of brands based on important buying criteria. |
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