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Market
people or organizations with needs or wants, and with the ability and willingness to buy. (a group that lacks any one of these characteristics is NOT a market)
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Segmentation Bases (variables)
characteristics of individuals, groups, or organizations used to divide a total market into segments.
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Bases for Segmentation (5)
- 1) geography
- 2) demographics
- 3) psychographics
- 4) benefits sought
- 5) usage rate
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Geographic Segmentation
segmenting markets by region of a country or the world, market size, market density, or climate.
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Demographic Segmentation
segmenting markets by age, gender, income, ethnic, background, and family life cycle
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Bases for Psychographic Segmentation
market segmentation on the basis of personality, motives, lifestyles, and geodemographics
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Benefit Segmentation
the process of grouping customers into market segments according to the benefits they seek from the product
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Usage-Rate Segmentation
dividing a market by the amount of product bought or consumed
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80/20 Principle
a principle holding that 20% of all customers generate 80% of the demand
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Target Market
a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group
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Positioning
developing a specific marketing mix to influence potential customers overall perception of a brank, product line, or organization in general
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Positioning Statements (3)
- 1) by use or application: charmin is soft, dove is for dry skin, crest fights cavities
- 2) in terms of particular types of users: gatorade for athletes
- 3) relative to a product class: burger king- grilled instead of McDonald's fried burgers
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Repositioning
changing consumers' perceptions of a brand in relation to competing brands
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