MKTG 1030 Lecture 2 Notes

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20 Terms

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Segmentation

Dividing or segmenting people and organizations into different groups of potential buyers with similar characteristics.

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Targeting Segments

Selecting market segments to pursue with marketing plans.

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Positioning

Creating a preferred position of the company’s products in the minds of consumers.

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Segmentation Bases

Criteria used to classify and divide buyers into different market segments.

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Behavioral Segmentation

Dividing customers based on benefits sought, usage frequency, and product application.

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Demographic Segmentation

Dividing markets based on personal characteristics like age, gender, income, and ethnicity.

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Geographic Segmentation

Segmenting buyers by their location such as region, city size, and climate.

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Psychographic Segmentation

Dividing markets based on customers’ values, lifestyles, activities, interests, and opinions.

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VALS Types

A framework categorizing consumers into groups based on their values attitudes and lifestyles.

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Innovators (VALS)

Successful, sophisticated individuals who are take-charge people.

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Achievers (VALS)

Goal-oriented individuals, stable and conservative in their choices.

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Strivers (VALS)

Trendy and fun-loving individuals who seek approval from others.

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Survivors (VALS)

Individuals with few resources who are primarily concerned with safety and basic needs.

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Geocoding

The process of plotting geographic marketing information on a map.

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Proximity Marketing

Segmentation technique that targets buyers geographically within close range using wireless technology.

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B2B Segmentation

Segmentation in business-to-business markets, where there are fewer segments compared to B2C markets.

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Service-focused Segment (B2B)

A segment that demands high-quality products and top-notch delivery and service requirements.

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Quality and Brand-focused Segment (B2B)

A segment consisting of firms that want the best possible products and are willing to pay for them.

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Partnership-focused Segment (B2B)

A segment that seeks trust and reliability from their suppliers.

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Consumer Insight

Developed understanding of customer needs through quantitative and qualitative information.