Marketing Ch 8 Segmentation, Targeting and Positioning

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McGraw Hill - Grewal Levy 3ed

behavioral segmentation

A segmentation method that divides customers into groups based on how they use the product or service. Some common behavioral measures include occasion and loyalty.

benefit segmentation

The grouping of consumers on the basis of the benefits they derive from products or services.

concentrated targeting strategy

A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit that market's needs.

demographic segmentation

The grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education.

differentiated targeting strategy

A strategy through which a firm targets several market segments with a different offering for each.

geodemographic segmentation

The grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics.

geographic segmentation

The grouping of consumers on the basis of where they live.

ideal point

The position at which a particular market segment's ideal product would lie on a perceptual map.

lifestyles

A component of psychographics; refers to the way a person lives his or her life to achieve goals.

loyalty segmentation

Strategy of investing in loyalty initiatives to retain the firm's most profitable customers.

micromarketing

An extreme form of segmentation that tailors a product or service to suit an individual customer's wants or needs; also called one-to-one marketing.

occasion segmentation

A type of behavioral segmentation based on when a product or service is purchased or consumed.

perceptual map

Displays, in two or more dimensions, the position of products or brands in the consumer's mind.

positioning

Involves a process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

psychographics

Used in segmentation; delves into how consumers describe themselves; allows people to describe themselves using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices.

self-concept

The image a person has of him- or herself; a component of psychographics.

self-values

Goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his or her life.

undifferentiated targeting strategy (mass marketing)

A marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups.

value

Reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives.

Value and Lifestyle Survey (VALSTM)

A psychographic tool developed by SRI Consulting Business Intelligence; classifies consumers into eight segments: innovators, thinkers, believers, achievers, strivers, experiencers, makers, or survivors.

value proposition

The unique value that a product or service provides to its customers and how it is better than and different from those of competitors.

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