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Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
Market segmentation
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market Targeting
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Differentiating the market offering to create superior customer value.
Differentiation
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Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning
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Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.
Geographic Segmentation
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Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Demographic Segmentation
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Dividing a market into different age and life-cycle groups.
Age and life-cycle segmentation
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Dividing a market into different segments based on gender.
Gender segmentation
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Dividing a market into different income segments.
Income segmentation
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Dividing a market into different segments based on social class, lifestyle, or personality characteristics.
Psychographic Segmentation
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Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product.
Behavioral Segmentation
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Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Occasion Segmentation
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Dividing the market into segments according to the different benefits that consumers seek from the product.
Benefit segmentation
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Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
Intermarket Segmentation (cross-market segmentation)
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A set of buyers sharing common needs or characteristics that the company decides to serve.
Target Market
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A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
Undifferentiated (mass) marketing
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A market-coverage strategy in which a firm decides to target several market segment and designs separate offers for each.
Differentiated Marketing
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A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Concentrated (niche) marketing
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Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing.
Micromarketing
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Tailoring brands and promotions to the needs and wants of local customer segments- cities, neighborhoods, and even specific stores.
Local marketing
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Tailoring products and marketing programs to the needs and preferences of individual customers- also called one-to-one marketing, customized marketing, and markets-of-one marketing.
Individual marketing
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The way the product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products.
Product position
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An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices.
Competitive advantage
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The full positioning of a brand- the full mix of benefits on which it is positioned.
Value proposition
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A statement that summarizes company or brand positioning. (To busy, mobile professionals who need to always be in the loop)
Positioning statement
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