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Chapter 7
benefit segmentation the grouping of people based upon the different benefits they
seek from a product
customized marketing the market coverage strategy where a company decides to
target individual customers and develops separate marketing mixes for each
differentiated marketing a market coverage strategy where a company decides to
target several market segments and develops separate marketing mixes for each
differential marketing strategies market coverage strategies where a company
decides to target several market segments and develops separate marketing mixes
for each
focused marketing a market coverage strategy where a company decides to target
one market segment with a single marketing mix
lifestyle segmentation the grouping of people according to their pattern of living as
expressed in their activities, interests and opinions
macrosegmentation the segmentation of organizational markets by size, industry and
location
market segmentation the process of identifying individuals or organizations with
similar characteristics that have significant implications for the determination of
marketing strategy
microsegmentation segmentation according to choice criteria, DMU structure,
decision-making process, buy class, purchasing structure and organizational
innovativeness
positioning the choice of target market (where the company wishes to compete) and
differential advantage (how the company wishes to compete)
profile segmentation the grouping of people in terms of profile variables such as age
and socio-economic group so that marketers can communicate to them
psychographic segmentation the grouping of people according to their lifestyle and
personality characteristics
repositioning Changing the target market or differential advantage or both
target marketing selecting a segment as a focus for the company’s offering or
communications
undifferentiated marketing a market coverage strategy where a company decides to
ignore market segment differences and develops a single marketing mix for the
whole market