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Market Segmentation
Dividing a market into smaller segments with distinct needs, characteristics, or behaviors requiring separate marketing strategies.
Geographic Segmentation
Based on location (nations, regions, cities, etc.).
Demographic Segmentation
Based on age, gender, income, occupation, education, etc.
Age and Life-Cycle Stage Segmentation
Example: Personal care and real estate products.
Gender Segmentation
Example: Clothing and personal care products.
Income Segmentation
Example: Automobiles, clothing, and financial services.
Psychographic Segmentation
Based on social class, lifestyle, personality traits.
Behavioral Segmentation
Based on consumer knowledge, attitudes, uses, or responses.
Occasions
When consumers buy or use the product.
Benefits Sought
The major benefits consumers seek.
User Status
Nonuser, ex-user, potential user, first-time user, or regular user.
Usage Rate
Light, medium, or heavy.
Loyalty Status
Completely loyal, somewhat loyal, or not loyal.
Measurable
Can be quantified.
Accessible
Can be effectively reached.
Substantial
Profitable enough to serve.
Differentiable
Responds differently to marketing elements.
Actionable
Effective programs can be designed.
Market Targeting
Evaluating and selecting market segments to enter.
Target Market
A group of buyers with common needs a company decides to serve.
Undifferentiated Marketing
Targets the whole market with one offer.
Differentiated Marketing
Targets multiple segments with different offers.
Concentrated Marketing
Focuses on a large share of a smaller market.
Micromarketing
Tailors products to individuals or locations.
Product Position
How consumers define a product based on attributes.
Competitive Advantage
Providing more value through lower prices or benefits.
Criteria for Effective Differentiation
Importance, distinctiveness, superiority, communicability, preemptiveness, affordability, profitability.
Positioning Statement
"To (target segment and need), our (brand) is (concept) that (point of difference)."
Business Buyer Behavior
The behavior of organizations that purchase goods/services for production, resale, or supply.
Business Buying Process
Determining what products/services to purchase, evaluating options, and making decisions.
Fewer but larger buyers
Each represents a larger purchase volume.
Derived demand
Demand linked to consumer goods demand.
Inelastic demand
Less affected by price changes.
Fluctuating demand
More volatile than consumer demand.
Nature of the Buying Unit
Involves more participants, complex decisions, and formal processes.
Supplier Development
Establishing supplier partnerships to ensure a stable supply chain.
Straight Rebuy
Routine purchase without changes.
Modified Rebuy
Adjusting product specifications or suppliers.
New Task
Buying a product/service for the first time.
Systems Selling
Buying a complete solution from a single seller.
Buying Center Roles
Users, Influencers, Buyers, Deciders, Gatekeepers.
Users
Those who use the product or service.
Influencers
Help define specifications and provide evaluation information.
Buyers
Have authority to select suppliers and arrange terms.
Deciders
Have formal or informal power to approve final suppliers.
Gatekeepers
Control the flow of information.
Environmental Factors
Supply conditions, technological changes, competition, economic outlook.
Organizational Factors
Objectives, policies, procedures.
Interpersonal Factors
Authority, expertise, relationships.
Individual Factors
Age, education, job position, risk attitudes.
E-Procurement
Advantages: Lower costs, faster processing, better supplier access. Disadvantages: Reduces direct supplier relationships.
B-to-B Digital & Social Media Marketing
Engaging business customers through digital platforms.
Institutional Markets
Schools, hospitals, prisons, etc.
Government Markets
Favor domestic suppliers, require competitive bidding.
Consumer Markets
Individuals and households buying for personal consumption.
Culture
Values, perceptions, and behaviors learned from society.
Subcultures
Groups sharing similar values based on experiences.
Social Class
Society's divisions with shared behaviors.
Reference Groups
Influence attitudes/behavior.
Opinion Leaders
Influence due to skills, knowledge, or personality.
Family
Primary influence on buying decisions.
Occupation & Income
Affects purchasing behavior.
Lifestyle & Personality
Affects product choices.
Need Recognition
Identifying a need.
Information Search
Seeking information.
Alternative Evaluation
Comparing brands.
Purchase Decision
Choosing a brand.
Postpurchase Behavior
Satisfaction/dissatisfaction, cognitive dissonance.
Innovators
Risk-takers (2.5%).
Early Adopters
Thought leaders (13.5%).
Early Majority
More cautious, financially stable (34%).
Late Majority
Skeptical, lower social status (34%).
Lagging Adopters
Resistant to change (10%).
Product
Anything offered in a market to satisfy needs/wants.
Service
Intangible activities that provide value.
Industrial Products
Used in production or operations.
Convenience Products
Frequent purchases with minimal effort (e.g., candy, fast food).
Shopping Products
Compared for quality, price, and style (e.g., furniture, appliances).
Specialty Products
Unique products with strong brand identity (e.g., designer clothing, medical services).
Unsought Products
Not actively sought out (e.g., life insurance, funeral services).
Brand
Identifies the seller of a product.
Packaging
Designing containers or wrappers.
Labeling
Identifies, describes, and promotes products.
Product Line
Group of closely related products.
Product Mix
All products a company offers.
Brand Equity
The effect of brand awareness on consumer response.
Brand Value
The total financial worth of a brand.
Brand Sponsorship Types
Manufacturer's brand, private brand, licensed brand, co-branding.
Consumer Buyer Behavior
The buying behavior of final consumers—individuals and households that buy goods and services for personal consumption.
Consumer Markets
Made up of all the individuals and households that buy or acquire goods and services for personal consumption.
Culture
The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
Subcultures
Groups within a culture that share value systems based on common life experiences and situations.
Social Classes
Society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.
Reference Groups
Groups that influence an individual's attitudes or behaviors directly or indirectly.
Word-of-Mouth Influence
The impact of personal words and recommendations of trusted friends, family, associates, and other consumers.
Influencer Marketing
Partnering with individuals who have influence over potential buyers.
Online Social Networks
Online communities where people socialize or exchange information and opinions.
Opinion Leaders
People who, due to special skills, knowledge, personality, or other characteristics, exert influence on others.
Family
The most important consumer-buying organization in society.
Occupation
Affects the goods and services bought by consumers.
