marketing fundamentals -- part 6 -- terms

market segmentation -- dividing a market into distinct groups with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes
target marketing -- the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
market positioning -- arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
geographic segmentation -- dividing a market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods
demographic segmentation -- and dividing the market into groups based on demographic variables such as each, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
age and lifecycle segmentation -- dividing a market into different age and lifecycle groups
gender segmentation -- dividing the market into different groups based on gender
income segmentation -- dividing the market into different groups based on income
psychographic segmentation -- dividing a market into different groups based on social class, lifestyle, or personality characteristics
behavioral segmentation -- dividing a market into groups based on consumer knowledge, attitude, use, or response to a product
occasion segmentation -- dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
benefit segmentation -- dividing the market into groups according to the different benefits that consumers seek from the product
intermarket segmentation -- forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
target market -- a set of buyers sharing common needs or characteristics that the company decides to serve
undifferentiated (mass) marketing -- a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
differentiated (segmented) marketing -- a marketing covered strategy in which a firm decides to target several market segments and designs separate offers for each
concentrated (niche) marketing -- a market coverage strategy in which a firm goes after a large share of one or a few segments, or niches
micromarketing -- the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups (includes local marketing and individual marketing)
local marketing -- tailoring brands and promotions to the needs and wants of local customer groups (cities, neighborhoods, and specific stores)
individual marketing -- tailoring products and marketing programs to the needs and preferences of individual customers (also labeled "markets-of-one marketing," "customized marketing," and "one-to-one marketing.")
product position -- the way the product is defined by consumers on important attitudes, the place the product occupies in consumers mind to relative to competing products
competitive advantage -- an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices
value proposition -- the full positioning of a brand, the full mix of benefits on which it is positioned
positioning statement -- a statement that summarizes company or brand positioning -- it takes this form: To (target segment and need) are (brand) is (concept) that (point of difference).