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Market Fragmentation
The creation of many consumer groups due to a diversity of distinct needs and wants in modern society
Target Marketing Strategy
Dividing the total market into different segments on the basis of customer characteristics
Segmentation
Process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics
Oversegmentation
marketing malady that occurs when consumers may become confused if an organization offers too many choices
Segmentation Variables
Dimensions that divide the total market into fairly homogenous groups, each with different needs and preferences
Generational Marketing
Marketing to members of a generation, who tend to share the same outlook, values, and priorities
Gen Z
Group of consumers born after 1994
Digital Natives
Individuals who spend a big chunk of their time online
Gen Y (Millennials)
Group of consumers born between 1979 and 1994
Gen X
Group of consumers born between 1965 and 1978
Baby Boomers
Group of consumers born between 1946 and 1964
Gender Identity
The personal sense of one’s own gender that may or may not correlate with a person’s assigned sex at birth
Androgyny
The possession of both masculine and feminine traits
Gender-bending Products
traditionally sex-typed items adapted to the opposite gender
Me Too Movement
A movement against sexual harassment and sexual abuse of women that went viral on social media
Buying Power
Concept in segmentation that can help marketers to determine how to better match different products and versions of products to different consumer groups based on an understanding of what discretionary and nondiscretionary allocations of funds they are able to make
Content Marketing
Strategy of establishing thought leadership in the form of bylines, blogs, commenting opportunities, videos, sharable social images, and infographics
Cultural Diversity
A management practice that actively seeks to include people of different sexes, races, ethnic groups, and religions in an organization’s employees, customers, suppliers, and distribution channel partners
Geographical Segmentation
An approach in which marketers tailor their offerings to specific geographic areas because people’s preferences often vary depending on where they live
Geographic Information System (GIS)
A system that combines a geographic map with digitally stored data about the consumers in a particular geographic area
Geodemography
Segmentation technique that combines geography with demographics
Geotargeting
Marketing to a set of specific users based on their current real-time location
Micromarketing
The ability to identify and target very small geographic segments that sometimes amount to individuals
Psychographics
The use of psychological, sociological, and anthropological factors to construct market segments
VALS
A psychographic segmentation system that divides U.S. adults into eight groups according to what drives them psychologically as well as by their economic resources
Gamer Segment
A consumer segment that combines a psychographic/lifestyle component with a heavy dose of generational marketing
Badge
A milestone or reward earned for progressing through a video game
Behavioral Segmentation
A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service.
80/20 Rule
A marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product’s sale
Customer Loyalty
A customer’s low likelihood of switching to a competitor’s offering, especially because of being highly engaged and connected with their current brand.
Customer Stickiness
Highly cultivated customers who are likely to follow through on an intended purchase, buy the product repeatedly, and recommend it to others
Experiential Loyalty
Customer loyalty that results not just in increased purchases but also in an enhanced broader experience for the customer
Usage Rate
A measurement that reflects the quantity purchased or frequency of use among consumers of a particular product or service.
Long Tail
A new approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want, provided they sell enough different items
Usage Occasions
An indicator used in behavioral market segmentation based on when consumers use a product most
Organizational Demographics
Organization-specific dimensions that can be used to describe, classify, and organize different organizations for the purpose of segmenting business-to-business markets
Segment of One
Tracking the activity and preferences of a single potential customer and then tailoring products or ads for that individual according to their behaviors
Targeting
A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers
Target Market
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
Segment Profile
A description of the “typical” customer in a segment
Personas
Fictional characters created by marketers that represent different key potential user types for an offering
Undifferentiated Targeting Strategy
Appealing to a broad spectrum of people
Differentiated Targeting Strategy
Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace
Concentrated Targeting Strategy
Focusing a firm’s efforts on offering one or more products to a single segment.
Customized Marketing Strategy
An approach that tailors specific products and the messages about them to individual customers
Mass Customization
An approach that modifies a basic good or service to meet the needs of an individual.
Positioning
Developing a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition
Direct Competitors
Competitors whose offerings are very similar to yours
Indirect Competitors
Competitors whose offerings are different from yours but potentially could provide the same benefits and satisfy the same customer needs as your offerings do
Positioning Statement
An expression of a product’s positioning that is internally developed and maintained in order to support the development of marketing communication that articulates the specific value offered by a product
Repositioning
Redoing a product’s position to respond to marketplace changes
Retro Brands
A once-popular brand that has been revived to experience a popularity comeback, often by riding a wave of nostalgia
Perceptual Map
A technique to visually describe where brands are “located” in consumers’ minds relative to competing brands
Neglected Segment
An unserved or underserved market segment for which opportunity may exist for a new product entry
