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| Revising marketing system to move away from demon customers and cater towards angel customers |
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| Identify market segments, select one or more, and develop products and marketing programs tailored to each |
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| dividing market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes |
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| divide the total market into smaller segments |
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| Select the segment or segments to enter |
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| differentiate the market offering to create superior customer value |
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| position the market offering in minds of target customers |
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| 1)which customers will we serve? 2) how will we serve them?. Goal: create more value for the customers we serve than competitors do |
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| divide market into different geographical units such as nations, states, regions, counties, cities or neighborhoods |
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| dividing market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation and nationality. |
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| Age and Life Cycle Segmentation |
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Definition
| dividing market into different age and life cycle groups |
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| dividing market into different segments based on gender |
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| divide a market into different income segments |
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| psychographic segmentation |
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Definition
| dividing a market into different segments based on social class, lifestyle or personality characteristics |
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Definition
| dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product |
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Definition
| dividing market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item |
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Definition
| divide market into segments according to the different benefits that consumers seek from the product |
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Definition
| markets can be segmented into user status. marketers want to reinforce Regular users, attract targeted non-users, and reinvigorate relationships with ex-users. people approaching life-stage changes have potential to be Heavy users |
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Term
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Definition
| Markets can be segmented into light, medium, or heavy users. ex: burger king's "super fans" age 18-34 accounts for 18% of customers, but 50% of visits |
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| a market can be segmented by consumer loyalty, and can be segmented by degree of loyalty |
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Term
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Definition
DAAMS
Differentiable-segments are distinguishable
Accessible-segments can be reached and served
Actionable-effective programs can be designed for attracting and serving the segments
Measurable-size, purchasing power, and profiles of segments can be measured
Substantial-segments are large or profitable enough to serve |
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Term
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Definition
| a set of buyers sharing common characteristics or need 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 1 offer |
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Term
| Evaluating market segments |
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Definition
| look at: 1-segment size and growth, 2- segment structural attractiveness, 3- company objectives and resources |
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| range of marketing strategies |
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Definition
| mass marketing--> segmented marketing--> niche marketing--> micromarketing (local or individual marketing) |
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| intermarket (cross-market) segmentation |
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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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Definition
| a market-coverage strategy where a firm decides to target several market segments and designs separate offers for each |
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| concentrated (niche) marketing |
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Definition
| a market-coverage strategy where a firm goes for a large share of 1 or a few segments or niches. EX: whole foods caters to a small, but specific market |
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Definition
| the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments, includes local and individual marketing |
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Definition
| tailoring brands and promotions to the needs and wants of local customer segments-cities, neighborhoods and even specific stores. Drawback of local-reduces economies of scale-->more cost |
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Term
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Definition
| tailoring products and marketing programs to the needs and preferences of individual customers. EX: NIKE ID |
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Term
| socially responsible targeting |
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Definition
| IDEA/EX: don't (either directly or indirectly) target 10 year old girls for lingerie, ex: victoria's secret PINK, critics say it's leaking over into young market exposing them to inappropriate |
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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
| USP (unique selling proposition) |
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Definition
| an attribute that can be touted as unique or number one, ex: BK have it your way, or Titleist number one ball in golf |
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| the full positioning of a brand, the full mix of benefits upon which it is positioned |
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| providing highest level of service or product for high price, ex: four seasons, ferrari |
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| response to "more for more", tries to provide best for less money |
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| EX: wal-mart, Best Buy, DSW shoes |
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| ex: southwest airlines, dollar stores |
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| difficult to maintain in the long run, although many companies claim to |
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Term
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Definition
| a statement that summarize 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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