...@Chapter 7@... #market segmentation: the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs. #market targeting: select the segment(s) to enter. #geographic segmentation: divides the market into different geographical units such as nations, regions, states, countries, or cities. #age and life cycle segmentation: dividing the market into different age and life-cycle groups. #behavioral segmentation: divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product. #psychographic segmentation: divides buyers into different groups based on social class, lifestyle, or personality traits. #occasion segmentation: dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item. #benefit segmentation: dividing the market into groups according to the different benefits that customers seek from the product. #target market: a set of buyers sharing common needs or characteristics that the company decides to share. #undifferentiated (mass) marketing: go after whole market with one offer. #differentiated (segmented) marketing: targets different segments with separate marketing mix for each. #concentrated (niche) marketing: one (or a few) marketing mix for one (or a few) segments. #micromarketing: customized marketing programs for individuals or local groups. #local marketing: tailoring brands and promotions to the needs and wants of local customer groups. #individual marketing: tailoring products and marketing programs to the needs and preferences of individual customers. #product position: the way the product is defined by consumers on important attributes relative to competing products. #value proposition: the full positioning of a brand - the full mix of benefits on which it is positioned.