A marketing strategy using different marketing mix activities to help consumers perceive a product as being different from and better than competing products
A means or method of displaying the position of products or brands in consumers' minds
The Place a product occupies in consumers' minds on important features relative to competing products
Sorting potential buyers into groups that have common needs and will respond similarly to a marketing action
the increased customer value achieved through performing organizational functions more efficiently
reduction in sales volume, revenue, or market share of one product as a result of introduction of a new product by the same producer
grouping potential buyers into segments
five criteria in forming market segments: simplicity and cost effectiveness of assigning potential buyers to segments, potential for increased profit, similarity of needs of potential buyers within a segment, difference of needs of buyers among segments, potential of a marketing action to reach a segment.
Segmenting markets by region of a country or the world, market size, market density, or climate (ex. spicier campbell's soup for different parts of u.s.)
Segmenting markets by age, gender, income, ethnic background, and family life cycle (ex. serving size of campbell's soups)
dividing a market into different groups based on social class, lifestyle, or personality characteristics.
behavioral segmentation: product features
understanding what features are important to different costumers (ex.microfridges for college students)
A marketing heuristic that claims that 20% of purchasers account for 80% of a product's sales.
geographic segmentation: statistical area
type of sales call depending on whether area is metropolitan or micropolitan
demographic segmentation: naics or number of employees
printing needs, size of firm (different # of emloyees = different system)
a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization... used to determine which product market segments to select and which product groupings to offer
criteria used to select target markets
market size, expected growth, competitive position, cost of reaching the segment, compatibility with the organization's objectives and resources
refers to the place an offering occupies in consumer's mind on important attributes relative to competitive offerings.
changes the place a product occupies in a consumer's mind relative to competitive products
competing directly with competitors on similar products attributes in the same target market