Chapter 3: Segmentation & Target Marketing

buyer persona

a semi-fictional representation of an ideal consumer that is based on real research

concentrated marketing strategy

a targeted strategy wherein a company chooses only one segment to target and customizes a marketing mix for that target market

demographic segmentation

segmenting the market according to statistics such as age, gender, income, ethnicity, and education

differentiated marketing strategy

a targeted strategy wherein the company targets more than one market segment and develops a unique marketing mix to target each segment separately

geographic location segmentation

segmenting the market according to where the consumers are located

market segmentation

segmenting the larger market into smaller segments based on meaningfully shared characteristics and shared needs

psychographic segmentation

segmenting the market by consumer activities, values, interests, and opinions

target marketing

process of selecting one or more market segments for focused marketing efforts

undifferentiated marketing strategy

the marketer uses only one strategy or marketing mix for the entire market; also known as mass marketing

usage behavior segmentation

segmenting the population based on how consumers use (usage situation) or how much they use (usage rate) a product