MT1 - Chapter 7 Vocab Flashcards

(36 cards)

1
Q

target marketing

A

identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each
(rifle vs shotgun)

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2
Q

market segmentation

A

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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3
Q

market targeting

A

evaluating each market segment’s attractiveness and selecting one or more segments to enter

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4
Q

differentiation

A

differentiating the market offering to create superior customer value

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5
Q

positioning

A

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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6
Q

segmenting consumer market variables (4)

A

geographic
demographic
psychographic
behavioral

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7
Q

geographic segmentation

A

dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

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8
Q

demographic segmentation

A

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, education, religion, ethnicity and generation

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9
Q

age and life-cycle segmentation

A

dividing a target market into different age and life-cycle groups

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10
Q

gender segmentation

A

dividing a market into different segments based on gender

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11
Q

income segmentation

A

dividing a market into different income segments

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12
Q

psychographic segmentation

A

dividing a market into different segments based on social class, lifestyle, or personality characteristics

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13
Q

behavioral segmentation

A

dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product

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14
Q

occasion segmentation

A

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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15
Q

benefit segmentation

A

dividing the market into segments according to the different benefits that consumers seek from the product

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16
Q

segmenting business markets (4)

A

operating characteristics
purchasing approaches
situational factors
personal characteristics

17
Q

segmenting international markets (4)

A

geographic location
economic factors
political and legal factors
cultural factors

18
Q

intermarket/cross-market segmentation

A

forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries

19
Q

requirements for effective segmentation (5)

A
measurable
accessible
substantial
differentiable
actionable
20
Q

target market

A

a set of buyers sharing common needs or characteristics that the company decides to serve

21
Q

undifferentiated (mass) marketing

A

a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

22
Q

differentiated (segmented) marketing

A

a market coverage strategy in which a firm decides to target several market segments and designs separate offers for each

23
Q

concentrated (niche) marketing

A

a market coverage strategy in which a firm goes after a large share of one or a few segments or niches

24
Q

micromarketing

A

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; includes local marketing and individual marketing

25
local marketing
tailoring brands and marketing to the needs and wants of local customer segments (cities, neighborhoods, and even specific stores)
26
SoLoMo
social local mobile
27
individual marketing
tailoring products and marketing programs to the needs and preferences of individual customers
28
product position
the way a product is defined by consumers on important attributes; the place the product occupies in consumers' minds relative to competing products
29
positioning maps
show consumer perceptions of their brands versus competing products on important buying dimensions
30
competitive advantage
an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify the higher prices
31
types of differentiation (5)
``` product services channels people image ```
32
unique selling proposition
represents the full mix of benefits on which a brand is differentiated and positioned and is the answer to the​ customer's question,​ "Why should I buy your​ brand?
33
characteristics of differences to promote (7)
``` important distinctive superior communicable preemptive affordable profitable ```
34
value proposition
full positioning of a brand; the full mix of benefits on which it is positioned
35
winning value propositions (5)
``` more for more more for the same the same for less less for much less more for less ```
36
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)