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50 Cards in this Set
- Front
- Back
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market
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people or organizations with needs or wants and the ability and wiliness to buy
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market segment
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people or organizations sharing one or more characteristics that cause them to have similar products needs
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market segmentation
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process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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segmentation bases (variables)
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characteristics of individuals, groups, or organization
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geographic segmentation
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based on region, size density and climate characteristics
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demographic segmentation
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based on age, gender,income level, ethnicity, and family life cycle
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family life cycle
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series of stages determined by a combination of age, martial status, and the presence or absence of children
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psychographic segmentation
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market segmentation on the basis of personality, motives, lifestyles, and geodemographics
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geodemographic segmentation
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segmenting potential customers into neighborhood lifestyle categories
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usage-rate segmentation
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dividing a market by the amount of product bought or consumed
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market
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people or organizations with needs or wants and the ability and wiliness to buy
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market segment
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people or organizations sharing one or more characteristics that cause them to have similar products needs
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market segmentation
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process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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segmentation bases (variables)
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characteristics of individuals, groups, or organization
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geographic segmentation
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based on region, size density and climate characteristics
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demographic segmentation
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based on age, gender,income level, ethnicity, and family life cycle
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family life cycle
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series of stages determined by a combination of age, martial status, and the presence or absence of children
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psychographic segmentation
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market segmentation on the basis of personality, motives, lifestyles, and geodemographics
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geodemographic segmentation
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segmenting potential customers into neighborhood lifestyle categories
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usage-rate segmentation
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dividing a market by the amount of product bought or consumed
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80/20 principle
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a principle holding that 20 percent of all customers generate 80 percent of demand
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Four basic criteria for successful Market Segmentation
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1) segment must be substantial and have potential customers
2)identifiable and measurable 3)members of segment must be accessible 4)segment must respond to particular marketing effort distinguishes it from other segments |
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Two segments for business market
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1)Company characteristics: location, size, type, usage
2)Buying Process used |
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satisfiers
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business customers who place order with first familiar supplier
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optimizers
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consider numerous suppliers, solicit bids and then study proposals before choosing one
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Steps Involved in Segmenting Markets
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1)Select Market or product to study
2) basis for segmenting the market 3) segmentation descriptors 4)profile and evaluate 5) target market 6)design, implement, and maintaining marketing mixes |
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target market
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a group of people/organization in which a marketing mix is designed, implemented, and maintained to meet their needs
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undifferentiated market strategy
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all members of a market have similar needs that can be met with a single market segment.
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concentrated targeting strategy
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focuses all marketing efforts on a single market segment
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multisegment targeting strategy
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uses two or more marketing mixes to target two or more market segments
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niche
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one segment of a market
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cannibalization
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sales of a new product cut into sales of firm existing products
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one on one marketing
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individualized marketing that uses customer information to build long term personalized and profitable relationships; collaboration important
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positioning
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developing a specific marketing mix to influence potential customers' perception of product or organization in general
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position
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the position a product or brand lies in consumers' mind relative to competing offerings
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product differentiation
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positioning strategy that firms use to distinguish their products from those of competitors
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perceptual mapping
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a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers minds
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repositioning
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perceptions of a brand in relaiton to competing brands
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marketing information
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everyday info about developments in the marketing environment that managers use to prepare and adjust marketing plans
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decision support system (DSS)
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makes data instantly available to marketing managers and allows them to manipulate the data themselves. Four characteristics: interactive, flexible, discovery oriented, and accessible
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database marketing
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creation of a large computerized file of customer' and potential customers' profile and purchase information.
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marketing research
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planning, collecting, and analyzing data relevant to a marketing decision
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marketing research problem
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determining what information is needed and how that information can be obtained efficiently and effectively
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marketing research objective
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specific information needed to solve a marketing research problem
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management decision problem
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broad-based problem that uses marketing research in order for managers to take proper actions
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secondary data
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data preciously collected for any purpose other than the one on hand
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marketing research aggregator
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a company that acquires, catalogs, reformats, and resells info already published by marketin firms
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research design
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specifies which research question must be answered, how and when info will be gathered, and how info will be analyzed
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survey research
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most popular technique for gathering primary data
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computer-assisted self-interviewing
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method in which a mall interview directs respondents to nearby computers
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