Chapter 07 - 7 PrinciplesofMarketing CustomerDrivenMarketing

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Customer-Driven Marketing  Strategy: Creating Value for Target  Customers 7 7 Principles of Marketing
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Learning Objectives After studying this chapter, you should be able to: 1. Define the three steps of target marketing: market  segmentation, target marketing, and market  positioning 2. List and discuss the major bases for segmenting  consumer and business markets 3. Explain how companies identify attractive consumer  and business markets 4. Discuss how companies position their products for  maximum competitive advantage in the marketplace 7-2
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Chapter Concepts: 1. Market Segmentation 2. Marketing Target 3. Differentiation and Positioning  4. Positioning for Competitive Advantage 7-3
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Market Segmentation 1. Discuss the need to understand competitors  as well as customers through competitor  analysis 2. Explain the fundamentals of competitive  marketing strategies based on creating  value for customers 3. Demonstrate the need for balancing  customer and competitor orientations in  becoming a truly market-centered  organization 5-4
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Market Segmentation Market segmentation  is the process that  companies use to divide large  heterogeneous markets into small markets  that can be reached more efficiently and  effectively with products and services that  match their unique needs 7-5
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Market Segmentation Segmenting consumer markets Segmenting business markets Segmenting international markets Requirements for effective  segmentation 7-6
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Market Segmentation Segmenting Consumer Markets Geographic Demographic Psychographic Behavioral 7-7
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Market Segmentation Segmenting Consumer Markets Geographic segmentation  divides the market  into different geographical units such as  nations, regions, states, counties, or cities 7-8
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Market Segmentation Segmenting Consumer Markets Demographic segmentation  divides the  market into groups based on variables such  as age, gender, family size, family life cycle,  income, occupation, education, religion,  race, generation, and nationality 7-9
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Market Segmentation Segmenting Consumer Markets Demographic segmentation  is the most  popular segmentation method because  consumer needs, wants, and usage often  vary closely with demographic variables and  are easier to measure than other types of  variables 7-10
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Market Segmentation Segmenting Consumer Markets Age and life-cycle stage   segmentation  is the  process of offering different products or  using different marketing approaches for  different age and life-cycle groups Gender segmentation  divides the market  based on sex (male or female) 7-11
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Market Segmentation Income  segmentation  divides the market  into affluent or low-income consumers 7-12 Segmenting Consumer Markets
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Chapter 07 - 7 PrinciplesofMarketing CustomerDrivenMarketing

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