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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