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market segmentation
involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action
product differentiation
a marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products
market product grid
a framework to relate the market segments of potential buyers to products offered or potential marketing actions
product positioning
the place a product occupies in consumers’ minds based on important attributes relative to competitive products
product repositioning
involves changing the place a product occupies in a consumer’s mind relative to competitive products
perceptual map
a means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as well as the firm’s own product or brand
usage rate
the quantity consumed or patronage (store visits) during a specific periods. AKA frequency marketing
80/20 rule
a concept that suggests that 80 percent of a firm’s sales are obtained from 20 percent of its customers
customer lifetime value (CLV)
represents the financial worth of a customer to a company over the course of their relationship
personas
character descriptions of a brand’s typical customers
