Chapter 9 Vocabulary

Chapter 9 Vocabulary - Market-product Grid Framework...

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Chapter 9 Vocabulary Marketing Segmentation Combining potential buyers into groups that have common needs and will respond similarly to a marketing action Market Segments Groups of prospective buys that result from market segmentation Product Differentiation Strategy of using different marketing mix activities, such as product features and advertising, to help consumers perceive a product as being different and better than competing products Synergy The increased customer value achieve through performing organizational functions more efficiently Geographic Segmentation Region Demographic Segmentation Household size Psychographic Segmentation Lifestyle Behavioral Segmentation Product features/ Usage rate Usage Rate Quantity consumed or times visited during a specific period 80/20 rule Idea that 80 percent of a firm’s sales are obtained from 20 percent of its customers
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Unformatted text preview: Market-product Grid Framework relating the segments of a market to products or marketing actions of the firm Targeting Segments Criteria Market size, expected growth, competitive position, cost of reaching the segment, compatibility with the organization’s objectives and resources Product Positioning Place a product occupies in consumers’ minds on important features relative to competing products Product Repositioning Changing the place a product occupies in consumers’ minds relative to competitive products Head to head positioning Competing directly with competitors on similar product attributes in the same target market Differentiation Positioning Involves seeking a less-competitive, smaller market niche in which to locate a brand Perceptual Map Means of displaying the position of precuts or brands in consumers’ minds...
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This document was uploaded on 10/27/2011 for the course MKT 291 at Miami University.

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