What is a market? What is a market segment? Understand and explain why segmentation plays a key role in marketing How do you segment a market? Understand and explain each of the segmentation variables (geographic, demographic, psychographic and benefit) Understand and explain the steps in segmenting a market Understand and explain the strategies for selecting target marketing including undifferentiated, concentrated, multi segment and one to one. What is differentiation and positioning? What is perceptual mapping and why is it important? Understand and explain the positioning bases What are the elements of a positioning statement? Chapter 5 Key Topics: What is a product? Understand and explain the difference between business and consumer products Understand and explain the types of consumer products (shopping, convenience, specialty and unsought) What is the difference between homogeneous and heterogeneous shopping products? Understand and explain Product Item, Product Line \& Product Mix What is product mix width versus product line length versus product line depth? Understand and explain how we can modify products What is planned obsolescence? What are repositioning, product line extensions and product line contractions? What elements are part of a brand? What is the difference between a brand name and brand mark? What are the three main benefits to branding? Explain brand loyalty What is a generic brand? What is a private label brand