CR7 Principles Of Marketing

Target Marketing

The process of identifying market segments and selecting a few to produce for.

Market Segmentation

Dividing a market into smaller segments with distinct needs, characteristics, or behavior that may require separate marketing strategies or mixes.

Geographic Segmentation

Dividing a market based on different geographical units such as nations, states, regions, counties, cities, or neighborhoods.

Demographic Segmentation

Dividing the market based on variables such as age, gender, family size, income, occupation, education, religion, race, generation, and nationality.

Psychographic Segmentation

Dividing a market based on social class, lifestyle, or personality characteristics.

Behavioral Segmentation

Dividing a market based on consumer knowledge, attitudes, uses, or responses to a product.

Occasion Segmentation

Dividing the market according to occasions when buyers get the idea to buy, make their purchase, or use the purchased items.

Benefit Segmentation

Dividing the market according to the benefits that customers seek from the product.

Market Targeting

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Undifferentiated (Mass) Marketing

A marketing strategy where a firm ignores market segment differences and targets the whole market with one offer.

Differentiated Marketing

A market strategy where a firm targets several market segments and designs separate offers for each.

Concentrated Marketing (Niche)

A market strategy where a firm goes after a large share of one or a few segments or niches.

Micromarketing

Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.

Differentiation

Differentiating the market offering to create superior customer value.

Positioning

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the mind of target consumers.

Competitive Advantage

An advantage over competitors gained by offering greater customer value, either through lower prices or more benefits that justify high prices.

Unique Selling Point (USP)

A single distinctive feature or benefit that sets a product or brand apart from competitors.

Value Proposition

The full positioning of a brand, the full mix of benefits on which it is positioned.

Positioning Statement

A statement that summarizes company or brand positioning, taking the form:To (target segment and needs), our (brand) is (concept) that (point of difference).