CHAPTER 5 - Market Segmentation and Market Targeting

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19 Terms

1

Market Segmentation

The process of dividing a market into distinct groups of buyers who might require separate products and/or marketing mixes.

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2

Targeting

The process of evaluating each segment’s attractiveness and selecting one or more of the market segments.

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3

Positioning

The process of developing competitive positioning for the product and an appropriate marketing mix.

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4

Requirements for Effective Segmentation

Measurability, accessibility, substantiality, and actionability.

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5

Demographic Segmentation

Dividing the market into different groups based on characteristics such as age, gender, income, and education.

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6

Psychographic Segmentation

Dividing the market into segments based on social class, lifestyle, or personality characteristics.

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7

Behavioral Segmentation

Dividing the market into groups based on knowledge, attitude, use, or response to a product.

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8

Concentrated Marketing

A targeting strategy where a firm focuses on a small share of a large market and aims for a large share of one or a few small markets.

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9

Differentiated Marketing

A strategy where a company targets several market segments and designs separate offers for each.

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10

Undifferentiated Marketing

A strategy where a company ignores market differences and goes after the entire market with one market offer.

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11

Market Positioning

The way the product is defined by consumers on important attributes; the place it occupies in consumers’ minds relative to competing products.

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12

Competitive Advantage

A unique advantage that allows a company to outperform its competitors.

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13

Substantiality

A requirement for effective segmentation where segments must be large enough to be profitable.

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14

Actionability

A requirement for effective segmentation that indicates marketing programs can be developed to attract and serve a segment.

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15

Measurability

A requirement for effective segmentation that refers to the ability to measure the size and purchasing power of segments.

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16

Accessibility

A requirement for effective segmentation indicating that the segment must be reachable and served.

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17

Positioning Errors

Includes underpositioning, over-positioning, and confused positioning.

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18

Positioning Strategy

Marketers position products based on specific product attributes.

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19

Luxury Segmentation

Sub-categorizing target markets focusing on affluent consumers seeking high-end services.

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