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| involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action. |
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| the relatively homogeneous groups of prospective buyers that result from the market segmentation process. |
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| a marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products. |
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| a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization. |
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| the quantity consumed or patronage (store visits) during a specific period. Also called frequency marketing |
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| a concept that suggests 80 percent of a firm’s sales are obtained from 20 percent of its customers |
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| the place an offering occupies in a consumer’s mind on important attributes relative to competitive products. |
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| involves changing the place an offering occupies in a consumer’s mind relative to competitive products |
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| a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as the firm’s own product or brand. |
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| mass customization, build-to-order (BTO) |
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| organizational synergy vs. cannibalization |
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| the 5 key steps in segmenting and targeting markets that link market needs to a firm's markting program |
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Definition
1) group potential buyers into segments
2) group products sold into categories
3) develop a market-product grid and estimate size of markets
4) select target markets
5) take marketing actions to reach target markets |
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| step 1 (group potential buyers into segments) |
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Definition
| psychographic, behavioral, geographic and demographic segmentation |
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| step 4 (select target markets) |
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2 types of criteria: those that divide a market into segments and those that actually pick the target segments
criteria- market size, expected growth, competitive position, cost of reaching the segment, compatibility with organizational objectives and resources |
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| step 5 (take marketing actions to reach target markets) |
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| market-product synergies: a balancing act |
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2 approaches- head to head, differentiation
write a positioning statement
perceptual map- identify important attributes, costumer rating of competing and company products, repositioning product brans in the minds of consumers |
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