Chapter 2 Flashcards
(27 cards)
strategic marketing plan
p.43
a guide for specific marketing programs and policies
market segments
p.43
target markets the company wishes to pursue
market opportunities
areas where there are favorable demand trends, where the company believes costumer needs and opportunities are not being satisfied, and where it can compete effectively
competitive advantage
p.44
something special a firm does or has that gives it an edge over competitors
target marketing
p.46
4 steps: identifying markets with unfulfilled needs, segmenting the market, targeting specific segments, and positioning one’s product or service through market strategies
market segmentation
p.47
dividing up a market into distinct groups that (1) have common needs and (2) will respond similarly to a marketing action
geographic segmentation
p.48
markets are divided into different geographic units such as nations, counties, or even neighborhoods
demographic segmentation
p.50
dividing the market on the basis of demographic variables such as age, sex, family size, education, income, and social class
psychographic segmentation
p.50
dividing the market on the basis of personality and/or lifestyles
behavioristic segmentation
p.52
dividing consumers into groups according to their usage, loyalties, or buying responses to a product
benefit segmentation
p.52
the grouping of consumers on the basis of attributes sought in a product
undifferentiated marketing
p.53
involves ignoring segment differences and offering just one product or service to the entire market
differentiated marketing
p.54
involves marketing in a number of segments, developing separate marketing strategies for each
concentrated marketing
p.54
the firm selects one segment and attempts to capture a large share of this market
positioning
p.54
the art and science of fitting the product or service to one or more segments of the broad market in such a way as to set it meaningfully apart from competition
positioning by product attributes and benefits
p.55
a common approach to positioning is setting the brand apart from competitors on the basis of the specific characteristics or benefits offered
salient attributes
p.55
those attributes that are important to consumers and are the basis for making a purchase decision
repositioning
p.57
altering or changing a product’s or brand’s position
product symbolism
p.59
what a product or brand means to consumers and what they experience in purchasing and using it
brand identity
p.59
consists of the combination of the name, logo, symbols, design, packaging, and image of associations held by customers
brand equity
p.59
an intangible asset added value or goodwill that results from the favorable image, impressions of differentiation, and/or the strength of consumer attachment to a company name, brand name, or trademark
marketing channels
p.61
the place element of the marketing mix are “sets of independent organizations involved in the process of making a product or service available for use or consumption
direct channels
p.61
a company can choose not to use any channel intermediaries but, rather, to sell to its customers though direct channels
indirect channels
p.61
a network of wholesalers and/or retailers that sell primarily to the final consumer
