What is the name of the set of buyers who share common needs and characteristics that the company decides to serve?

Cards Return to Set Details

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Companies themselves vary widely in their abilities to serve different ___________ of the market.

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A company must identify the parts of the market that it can serve ______ and most _______

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Most companies have moved away from mass marketing, toward ________ marketing

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There are three major steps in target marketing:a. the first is market __________, dividing a market into distinct groups who might require separate products and/or marketing mixes.b. the second step is market ________, evaluating each segment's attractiveness and selecting one or more of the market segments.
c. The third step is market ____________, developing competitive positioning for the product and an appropriate marketing mix.

Definition

segmentation, targeting, positioning

Term

___________ segmentation is dividing the market into different units, such as nations, states, regions, counties, cities, or neighborhoods.

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Knowledge of geographic customer preferences is particularly important in ____________ and __________ where immigration has a created pockets of customers with very different product/service preferences.

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The success of local and regional tourism depends on creative __________ segmentation.

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_____________ segmentation consists of dividing the marketing into groups based on variables such as age, life cycle, gender, income, occupation, education, religion, race, and nationality.

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Even when segments are first defined using other bases, _________ characteristics must be known to assess market size, and to reach it efficiently.

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Consumer ____________ change with age and some companies offer different products or strategies to penetrate various age & life-cycle segments.

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__________ marketing is not simplistic, since a "typical" male or female does not exist, and many companies have erred trying to develop and market a product or service for such an individual.

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The ______-income consumer is by far the largest segment for the hospitality industry

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_______ does not always predict which customers will buy a given product or service.

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__________ segmentation divides buyers based on social class, lifestyle, and personality characteristics

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For ________ segmentation, buyers are divided into groups based on knowledge, attitude, and use or response to a product.

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________ segmentation helps firms build product use, as buyers can be grouped according to occasions when they make a purchase or use a product.

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A ______ is a positive outcome received from a product feature.

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Marketers need to find ways to enhance __________ ties between the consumer and the hotel brands.

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In the hospitality and travel industries, marketers attempt to build brand loyalty through __________ marketing.

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Not all segmentation methods are equally effective, so to be useful, market segments must have the following characteristics:a. ____________ - the degree to which the segment's size and purchasing power can be measured.b. ____________ - the degree to which segments can be assessed and served.c. ____________ - the degree to which segments are large or profitable enough to serve as markets.
d. ____________ - the degree to which effective programs can be designed for attracting and serving segments.

Definition

measurabilityaccessibilitysubstantiality
actionability

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A company should enter segments only where it can gain __________ advantages over competitors.

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A _________ market consists of a set of buyers who share common needs or characteristics that the company decides to serve.

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A firm can adopt one of the three market-coverage strategies:a. ____________ marketingb. ____________ marketing
c. ____________ marketing

Definition

undifferentiated, differentiated, concentrated

Term

In an ____________ marketing strategy, a company ignores market segmentation differences and goes after the entire market with one market offer.

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Using _______ marketing strategy, a company targets several market segments and designs separate offers for each.

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A third strategy, ___________ marketing, is appealing to companies with limited resources - instead of going for a small share of a large market, the firm pursues a large share of one or a few small markets.

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A product's _________ is the way the product is defined by consumers on important attributes.

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When two or more firms pursue the same position, each must seek further ____________.

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The positioning tasks consists of three steps:a. __________ a set of possible competitive advantages on which to build a positionb. __________ the right competitive advantages
c. effectively ____________ and delivering the chosen position to a carefully selected target market

Definition

identifying, selecting, communicating

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__________ differentiation requires selecting customer-contact people carefully and training them well.

Definition

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Even when competing offers look the same, buyers may perceive a difference based on company or brand _______.

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As companies increase the number of claims for their brands, they risk disbelief and loss of clear ____________.

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In general, a company needs to avoid three major positioning errors:a. ______________, or failing to position the company at allb. ______________, or giving buyers too narrow a picture of the company
c. _____________ positioning, leaving buyers with a confused image of a company

Definition

underpositioningoverpositioning
confused

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