Term
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Definition
| Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes |
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Term
| Market Targeting (Targeting) |
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Definition
| The process of evaluating each market segment's attractiveness and selecting one or more segments to enter |
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Term
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Definition
| Actually differentiating the market offering to create superior customer value |
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Term
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Definition
| Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
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Term
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Definition
| Dividing a market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods |
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Term
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Definition
| Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality |
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Term
| Age and Life-Cycle Segmentation |
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Definition
| Dividing a market into different age and life-cycle groups |
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Term
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Definition
| Dividing a market into different groups based on gender |
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Term
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Definition
| Dividing a market into different income groups |
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Term
| Psychographic Segmentation |
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Definition
| Dividing a market into different groups based on social class, lifestyle, or personality characteristics |
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Term
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Definition
| Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product |
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Term
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Definition
| Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item |
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Term
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Definition
| Dividing the market into groups according to the different benefits that consumers seek from the product |
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Term
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Definition
| Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries |
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Term
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Definition
| A set of buyers sharing common needs or characteristics that the company decides to serve |
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Term
| Undifferentiated (Mass) Marketing |
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Definition
| A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer |
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Term
| Differentiated (Segmented) Marketing |
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Definition
| A market-coverage strategy in which a firm decides to target several market segments and designs separate offer for each |
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Term
| Concentrated (Niche) Marketing |
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Definition
| A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches |
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Term
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Definition
| The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups-includes local marketing and individual marketing |
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Term
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Definition
| Tailoring brands and promotions to the needs and wants of local customer groups-cities, neighborhoods, and even specific stores |
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Term
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Definition
| Tailoring products and marketing programs to the needs and preferences of individual customers-also labeled "markets-of-one marketing," "customized marketing," and "one-to-one marketing" |
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Term
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Definition
| The way the product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products |
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Term
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Definition
| An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices |
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Term
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Definition
| The full positioning of a brand-the full mix of benefits upon which it is positioned |
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Term
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Definition
| A statement that summarizes company or brand positioning-it takes this form: To (target segment and need) our (brand) is (concept) that (point-of-difference) |
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