BA1090 - Chapter 6 (Segmentation, Targeting, and Positioning)

Market Segmentation

Aggregating prospective buyers into groups with common needs that respond similarly.

Consumer vs. Business Market

Consumer markets are for personal use; business markets are for business operations or components.

Product Differentiation

Positioning a product to appear distinct from competitive offerings.

Four Forms of Market Segmentation

Mass marketing, segment marketing, niche marketing, and individualized marketing.

Target Market

A specific group of existing and potential consumers directed by marketing efforts.

Four Segmentation Variables

Geographics, demographics, psychographics, and behaviouristics.

Marketing Personas

Fictional character descriptions representing a brand's typical customer.

Market Segmentation Steps

A six-step process from identifying needs to monitoring program success.

Product Positioning

The impression of a product in consumers' minds relative to competition.

Repositioning

Shifting a brand's image to reflect changing consumer attitudes and lifestyles.