MKTG Chapter 7 - MKTG Chapter 7 Definitions Age and...

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MKTG Chapter 7 Definitions Age and life-cycle segmentation – Dividing a market into different age and life cycle groups. Behavioral segmentation – Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or response to a product. Benefit segmentation – Dividing the market into segments according to different benefits that consumers seek from the product. Competitive advantage – An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices. Demographic segmentation – Dividing the market into segments based on variables such as age, life cycle stage, gender, income, occupation, education, religion, ethnicity, and generation. Differentiated (segmented) marketing – A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each. Differentiation – Differentiating the market offering to create superior customer value. Gender segmentation – Dividing a market into different segments based on gender. Geographic segmentation – Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods. Income segmentation – Dividing a market into different income segments. Individual marketing – Tailoring products and marketing programs to the needs and preferences of individual customers. Intermarket (cross market) segmentation - Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries.
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Local marketing – Tailoring brands and marketing to the needs and wants of local customer segments- cities, neighborhoods, and even specific stores. Market segmentation – Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Market targeting (targeting) – Evaluating each market segment’s attractiveness and selecting one or more segments to enter. Micromarketing – Tailoring products and marketing programs to the needs and wants of specific individuals and local costume segments; it includes local marketing and individual marketing. Occasion segmentation – Dividing markets into segments according to occasions when buyers get an idea to buy, actually make their purchase, or use the purchased item. Positioning – Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers. Positioning statement – A statement that summarizes company brand or positioning using this form; To (target segment and need) our (brand) is (concept) that (point of difference).
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