Marketing Chapter 8

People or organizations with needs or wants and the ability and willingness to buy

• Market
• Market Segment
• Target Market
• Position

The place a product, brand, or group of products occupies in consumers' minds relative to competing offerings

• Marketing
• Market Segment
• Target Market
• Position

A situation that occurs when sales of a new product cut into sales of a firm's existing products

• Cannibalization
• Positioning 
• Product Differentiation
• Perceptual Mapping

A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds. 

• Cannibalization
• Positioning 
• Product Differentiation
• Perceptual Mapping

Changing consumers' perception of a brand in relation to competing brands.

• Repositioning
• Product Differentiation
• Multi Segment Targeting Strategy
• Concentrated Targeting Strategy

A positioning strategy that some firms use to distinguish their products from those of competitors

• Repositioning
• Product Differentiation
• Multi Segment Targeting Strategy
• Concentrated Targeting Strategy

A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each

• Repositioning
• Undifferentiated Targeting Strategy 
• Multi Segment Targeting Strategy
• Concentrated Targeting Strategy

A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix

• Repositioning
• Undifferentiated Targeting Strategy 
• Multi Segment Targeting Strategy
• Concentrated Targeting Strategy

A strategy used to select one segment of a market for targeting marketing efforts

• Repositioning
• Undifferentiated Targeting Strategy 
• Multi Segment Targeting Strategy
• Concentrated Targeting Strategy

Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general

• positioning
• niche
• target market
• satisficers