Segmentation, Targeting, and Positioning

These flashcards cover key concepts and vocabulary related to market segmentation, targeting, and positioning from the provided lecture notes.

Market Segmentation

The process of identifying different groups of consumers with distinct needs and preferences.

Targeting

Selecting which segment(s) of the market to serve based on their attractiveness and the company's capabilities.

Positioning

Creating a unique image and appeal in the minds of the target market.

Demographic Segmentation

Segmentation based on characteristics such as age, gender, income level, education, and location.

Psychographic Segmentation

Segmentation based on values, lifestyles, and personality traits.

Geographic Segmentation

Segmentation based on geographical areas, such as regions or cities.

Benefit Segmentation

Segmentation based on the specific benefits sought by consumers from a product.

PRIZM Premier

A widely adopted segmentation solution that helps marketers identify household demographics, lifestyles, shopping behaviors, and technology usage.

Differentiation

The process of distinguishing a firm's products from competitors to create a competitive advantage.

Positioning Statement

A statement that clarifies the unique selling proposition of a product to the target market.

Brand Equity

The added value a brand name gives to a product, affecting customer response and perceptions.

Private Branding

A marketing strategy where a retailer or distributor sells products under its own brand name.

Co-Branding

A marketing strategy where two or more brands collaborate on a product or promotion.

Brand Extension

A riskier strategy of leveraging an established brand name to introduce new products in different categories.

Product Line

A group of related products marketed under a single brand.

Product Mix

The total range of products that a company offers for sale.

Consumer Products

Products categorized based on consumer buying behavior, including convenience, shopping, specialty, and unsought products.

Unique Selling Proposition (USP)

What makes a product unique and attractive to consumers.

STP Model

The marketing framework of Segmentation, Targeting, and Positioning used to tailor products and marketing strategies.