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Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
Differentiating the market offering to create superior customer value
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Geographic segmentation; Demographic segmentation; Psychographic segmentation; Behavioral segmentation
Effective Segmentation Requirements
Market segments must be: Measurable, Accessible, Substantial, Differentiable, Actionable
A set of buyers sharing common needs or characteristics that the company decides to serve
Market Targeting Strategies
1. Undifferentiated [mass] marketing; 2. Differentiated [segmented] marketing; 3. Concentrated [niche] marketing; 4. Micromarketing [local or individual marketing]
Socially Responsible Target Marketing
Marketing generates concern when targeting: 1. Vulnerable, minority or disadvantaged populations; 2. Children and teens; 3. Controversy arises when an attempt is made to profit at the expense of these segments
An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
Differentiation and Positioning
A firm can create differentiation on: Product, Services, Channels, People, Image
The full positioning of a brand—the full mix of benefits on which it is positioned
Home | | Student Resources | | Chapter 7: Customer-driven marketing strategy: creating value for target customers | | Multiple choice questions |
Try the multiple choice questions below to test your knowledge of this chapter. Once you have completed the test, click on 'Submit Answers for Grading' to get your results.
This activity contains 10 questions.
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