Chapter 5

• Target Market: People and organizations you decide to sell to. (Like shooting a rifle)
• Differentiated Marketing: May differentiate some aspects or marketing for different groups of customers.
• Market: Consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
• Mass Marketing: Selling the same product to everybody. (Shotgun approach)
• One-to-one Marketing: Targets their best customers, form close personal relationships with them.
• Levels of Market Segmentation:

  1. Mass marketing
  2. Segmenting markets
  3. Niche marketing
  4. Micromarketing
• Segmented Bases:

  Behavioral

  Geographic

  Demographic

  Psychographic
• Demographics: Age, income, education, occupation, religion
• Seniors: 1945
• Baby Boomers: 1946 - 1964
• Gen X : 1965-1979
• Gen Y : 1980-2000
• Psychographic Segmentation:

  Innovators

  Thinkers

  Achievers

  Experiences

  Believers

  Strivers

  Makers

  Survivors
• Positioning: How consumers perceive a product relative to competition.
• Perceptual Map: 2-D graph that visually shows where product stands relative to competitors.