After completing this chapter, the student should be able to:

• define market segmentation.
• elaborate on the major steps in developing a segmentation strategy.
• describe the benefit approaches to segmenting a market.
• describe the psychographic segmentation using the VALS^TM
• describe person/situation segmentation and the steps involved.
• describe geodemographic segmentation and the PRISM NE system.
• define product positioning and positioning maps.
• describe five alternative ways of positioning a product.
• discuss how analysis of the consumer/product relationship can help in selecting segmentation and marketing mix strategies.