| What is Market Segmentation? | Dividing the market into distinct groups of buyers who might require separate marketing strategies or mixes. |
| What are the 4 steps in designing a customer value-driven marketing strategy? | Segmentation, targeting, differentiation and positioning. |
| What are the additional variables with the segmentation of business markets? | Customer operating and personal characteristics, purchasing approaches, and situational factors. |
| What are the 4 Target Marketing Strategies? | 1. Undifferentiated.
2. Differentiated.
3. Concentrated.
4. Micromarketing. |
| What is Market Targeting? | Selecting the segment or segments to serve. |
| What is Differrentiation? | Differentiate the market offering to create superior customer value. |
| What is Positioning? | Position the market offering in the minds of the target customers. |
| What are the Major Segmentations Variables for Consumer Markets? | Geographic, demographic, psychographic and behavioral. |
| What is Geographic Segmentation? | Dividing the market into geographical units such as countries, cities and regions. |
| What is Psychographic Segmentation? | Dividing the market into different segments based on lifestyle and personality. |
| What is Demographic Segmentation? | Dividing the market into segments based on age, gender, income and occupation. |
| What is Behavioral Segmentation? | Dividing the market into segments based on consumer knowledge and attitudes. |
| What are the Requirements for Effective Segmentation? | Measureable, accessible, substantial, differentiable and actionable. |
| In evaluating different market segments, a firm must look at three factors; What are the 3 factors? | 1. Segment size and growth.
2. Segment structural attractiveness.
3. Company objectives and resources. |
| What is a Target Market? | Set of buyers sharing common needs or characteristics that the company decides to serve. |
| What is undifferentiated (mass) Marketing | A market strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. |
| What is differentiated (segmented) Marketing | A market strategy in which a firm targets several market segments and designs separate offers for each. |
| What is Concetrated (niche) Marketing | A market strategy in which a firm goes after a larger share of one or a few segments or niches. |
| What is Product Position? | The way a product is defined by consumers and the place it occupies in consumers minds. |
| What is Competitive Advantage? | An advantage over competitors gained by offering greater customer value. |
| In what specific ways can a company differentiate itself or its market offer? | In terms of product, services, channels, peoples or image. |
| The Differentiation and Positioning task consists of three steps. What are these? | 1. Identifying a set of different competitive advantages.
2. Choosing the right competitive advantages.
3. Selecting an overall positioning strategy. |
| What is Value Proposition? | The full positioning of a brand - the full mix of benefits on which it is positioned. |
| What is a Positioning statement? | A statement that summarizes company or brand positioning. |
