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Related Flashcards
Related Topics
Cards In This Set
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Market segmentation
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Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
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Market targeting
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter
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Differentiation
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Differentiation the market offering to create superior customer value
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Positioning
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Arranging for 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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Demographic 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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Demographic segmentation
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Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
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Age and life-cycle segmentation
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Dividing a market into different age and life-cycle groups
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Gender segmentation
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Dividing a market into different segments based on gender
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Income segmentation
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Dividing a market into different income segments
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Psychographic segmentation
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Dividing a market into different segments based on social class, lifestyle, or personality characteristics
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Behavioral segmentation
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Dividing a market into segments, based on consumer knowledge, attitudes, uses, or responses to a product
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Occasion segmentation
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Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
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Benefit segmentation
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Dividing the market into segments according to the different benefits that consumers seek from the product
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Intermarket (or cross-market) segmentation
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Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries
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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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