Market segmentation
Is the division of consumer markets into meaningful and distinct groups.
- only one type of market
- distribution will be easier
Needs Segmentation pg. 136
assigns consumers into groups based on their current and desired level of interaction with a particular market category
Behavioral Segmentation pg. 134
allocates consumers into groups, based on their current and design level of interaction with a particular market category.
-buyers can be grouped according to occasions/ life events.
-loyalty, usage-rate, knowledge, product use
(answers when)
Targeting
the process of evaluating and selecting the most viable market segment to enter.
- ability to meet requirements of the customers
- overall cost to meet customer requirements
- potential profitability of serving different customer groups
undifferentiated
company treats the whole company as a whole, focusing on what is common to the needs of customers rather than on what is different
(12, red, black &blue)
differentiated marketing
Separates and targets several different market segments with a different product or service geared to each segment.
(6 red)
Niche Marketing
serving a small but well-defined consumer segment (4 blue)
micro marketing
organizations focus precise marketing efforts on very small geographic markets
(one purple)
Positioning
is the placement of a product or service offering in the minds of a selected target market.
-changing how others see you today, point of differ
unique selling proposition
An expression of the uniqueness of a brand.
why should they buy from me?
experimental positioning
based on characteristics of the brands that stimulate sensory or emotional connections with customers
(emotions)
Your new employer has asked you, as a new marketing graduate, to identify a group of potential customers who might respond in a similar way to a given set of marketing efforts. You have been asked to identify a(n) _____.
market segment
The _____ is a group of characteristics that is used to assign segment members.
segmentation base
Demographic segmentation is so frequently used in market segmentation because it _____.
involves the easiest information to obtain
The division of buyers into groups based on lifestyle, class, or personality characteristics is ____ segmentation.
psychographic
The division of buyers into groups based on their knowledge, attitudes, uses, or responses to a product is ___ segmentation.
behavioral
the division of buys into groups based on their current and desired level of interaction with a particular market category is ____ segmentation.
needs
The business segmentation variable of ____ refers to customer desires such as service support, cutting- edge technology, or financing terms.
benefits sought
Which of the following is the process of evaluating and selecting the most viable market segment to enter?
targeting
_____ occurs when a business first identifies a market segment it wants to serve and then develops a product or service that is appropriate for that segment.
target marketing
Which of the following is a relatively recent development that optimizes the online advertising
behavioral targeting