CH 5: Market Segmenting, Targeting, and Positioning

These flashcards cover the key concepts of market segmenting, targeting, and positioning from the lecture notes.

Mass Marketing

Also known as undifferentiated marketing; selling the same product to everybody.

Targeted Marketing

Also known as differentiated marketing; customizing marketing for different groups of customers.

Geographic Segmentation

Divides buyers based on their location, such as city size and population density.

Demographic Segmentation

Segments markets using publicly available demographic information like age, income, and gender.

Psychographic Segmentation

Segments consumers based on their lifestyle, interests, and opinions.

Behavioral Segmentation

Divides consumers based on their behaviors, such as product usage frequency and the benefits sought.

Customer Lifetime Value

A calculation of the total worth of a customer to a business over the entire relationship.

VALS

A psychographic segmentation tool that classifies consumers based on their values and lifestyle.

Innovators

Successful, sophisticated individuals who are receptive to new ideas and technologies.

Achievers

Goal-oriented individuals committed to career and family, valuing stability.

Experiencers

Enthusiastic young consumers who seek variety and excitement in their purchases.

Believers

Conservative consumers who value tradition and choose familiar products.

Strivers

Trendy individuals motivated by achievement but constrained by financial limitations.

Makers

Practical consumers focused on self-sufficiency and tangible projects.

Survivors

Cautious consumers with limited resources, primarily focused on safety and security.

Positioning

The process of differentiating a product to stand out from competitors in the market.

Re-positioning

The act of changing a product's position in the minds of consumers.