Ch 6 - Market Segmentation, Targeting, and Positioning Flashcards Preview

MOS 2320: Marketing > Ch 6 - Market Segmentation, Targeting, and Positioning > Flashcards

Flashcards in Ch 6 - Market Segmentation, Targeting, and Positioning Deck (23)
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1
Q

geographic segmentation

A

grouping of consumers on basis of where they live

2
Q

demographic segmentaion

A

grouping of consumers according o easily measured, objective characteristics such as age, gender, income

3
Q

psychographics

A

segmentation base delves into how consumers describe themselves; allows people to describe themselves by using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices

4
Q

self values

A

goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his or her life

5
Q

self concept

A

image a person has of himself, component of psychographics

6
Q

lifestyle

A

how we live our lives to achieve goals

7
Q

VALS^tm

A

psychographical tool developed by strategic business insights, classifies consumers into eight segments: innovators, thinkers, believers, achievers, strivers, experiencers, makers, or survivors

8
Q

behavioral segmentation

A

groups consumers based on benefits they derive from products, their usage rate, loyalty, and the occasion

9
Q

occasion segmentation

A

groups consumers based on when they purchase or consumer product or service

10
Q

benefit segmenation

A

groups consumers based on benefits they derive from products

11
Q

loyalty segmentation

A

strategy of investing in retention and loyalty initiatives to retain firm’s most profitable customers

12
Q

geodemographic segmentation

A

grouping of consumers on basis of a combination of geographic, demographic, and lifestyle characteristics

13
Q

PYSTE clusters

A

grouping of all neighborhoods in canada into 60 different lifestyles clusters

14
Q

undifferentiated targeting strategy (mass marketing)

A

marketing strategy a firm can use if product is perceived to provide same benefits to everyone, with no need to develop separate strategies for different groups

15
Q

differentiated targeting strategy

A

strategy through which firm targets several market segments with different offering for each

16
Q

concentrated/niche targeting strategy

A

marketing strategy of selecting single, primary targe market and focusing all energies on providing product to fit market’s needs

17
Q

micromarketing (one to one) marketing

A

an extreme form of segmentation that tailors a product or service to suit an individual customer’s needs or wants

18
Q

mass customization

A

practices of interacting on a one to one basis with many people to create custom made products or services, providing one to one marketing to the masses

19
Q

positioning

A

mental pictue that people have about company and its products or services relative to competitors

20
Q

positioning statement

A

expresses how company wants to be perceived by consumers

21
Q

perceptual map

A

displays in two or more dimensions, the position of products or brands in consumer’s mind

22
Q

ideal point

A

position at which particular market segment’s ideal product would lie on a perceptual map

23
Q

brand repositioning (Rebranding)

A

strategy in which marketers change brand’s focus to target new markets or realign brand’s core emphasis with changing market preferences