Bus 342 Ch. 7 Lecture

Front 1

What are the steps in Market segmentation?

Back 1

1. ID bases for segmenting the market
2. Develop segment profiles

Front 2

What are the steps in market Targeting?

Back 2

1. dEvelop measure of segment attractiveness
2. Select target segments

Front 3

What are the steps in Market positioning?

Back 3

1. Dev. Positioning for target segments
2. Dev. a marketing mix for each segment

Front 4

Market Segmentation Levels:

Back 4

* Mass Marketing- same product to all consumers
* Segment Marketing- Different products to one or more segments
* Niche marketing: diff products to subgroups within segments
* micromarketing: products to suit the tastes of individuals and locations

Front 5

What is Nich marketing?

Back 5

Different products to subgroups within segments

Front 6

Micromarketing

Back 6

products to suit the tastes of individuals and locations

Front 7

Segment marketing

Back 7

diff products to one or more segments

Front 8

What are 3 ways that makets can be segmentated geographically?

Back 8

* World Region or country
* City or Metro Size
* Density or Climate

Front 9

Give five variables that Demogrphic segmentation can be based on to divid the market into groups...

Back 9

* Age
* Gender
*Income
*Education
* Race

Front 10

What does Psychographic segmentation do?

Back 10

It divides buyers into different groups based on: Social Class, Lifestyle, Personality.

Front 11

What is Behavior Segmentation?

Back 11

Diving the market into groups baes on variables such as:
* Occasions
* Benefits
* user Status
* Usage Rate
* Loyalty Status
* Readiness Stage
* Attitude toward product

Front 12

Business Marketers use many of the same consumer Variables..plus...list 5 others!

Back 12

1. Demographics
2. Operation Variables
3. purchasing Approaches
4. Situational Factors
5. Personal Characteristics

Front 13

What are the factors used to Segment international markets?

Back 13

* Geographic Location
* Cultural Factors
* Economic Factors
* Political and Legal Factors

Front 14

What are the requirements for effective segmentation?

Back 14

* Measurable
* Accessible
* Substantial
* Differential
* Actionable

Front 15

A requirement for effective sementation is that it has to be Measurable...

Back 15

*size, purchasing power, profiles of segments can be measured

Front 16

A requirement for effective sementation is that it has to be Accessible

Back 16

segments can be effectively reached and served

Front 17

A requirement for effective sementation is that it has to be Substantial

Back 17

Segments are large or profitable enough to serve

Front 18

A requirement for effective sementation is that it has to be Differential

Back 18

Segments must respond differently to different marketing mix elements & programs

Front 19

A requirement for effective sementation is that it has to be Actionable

Back 19

effective programs can be designed to attract and serve the segments

Front 20

during step 2 of market segmentation (Market Targeting) what are the ways you can evaluate market segments?

Back 20

* Segment Size & Growth
* Segment Structural Attractiveness
* Company Objectives and Resources

Front 21

When evaluating market segments describe what segment size and growth means..

Back 21

its when you analyze current sales, growth rates and expected profitability for various segments

Front 22

When evaluating market segments what does segment structural attractiveness mean>

Back 22

its when you take into consideration the effects of: competitors, availability of substitute products and, the power of buyers & suppliers

Front 23

When evaluating market segments what does company objectives and Resources?

Back 23

Company Skills & recources needed to succeed in that segments...(look 4 competitive advantages)

Front 24

what r the 3 types of market coverage strategies?

Back 24

1. undifferentiated marketing
2. Differentiated Marketing
3. Concentrated Marketing

Front 25

What do you consider when choosing a Market-Coverage Strategy?

Back 25

1. Company Resources
2. Product Variability
3. Product's Stage in the Life Cycle
4. Market Variability
5. Competitiors marketing Strategies

Front 26

What is step 3 in the maket segmentation process?

Back 26

Choosing a Positioning strategy

Front 27

What is a products position?

Back 27

the way the product is defined by consumers on important attributes- the place the produt occupies in consumers' minds relative to competing products

Front 28

What do marketers do when positioning strategy?

Back 28

* plan positions to give their products the greatest advantage in selected target markets
* Design marketing mixes to create these planned positions

Front 29

What are the 3 steps in choosing a positioning strategy?

Back 29

1. Identify possible competitive advantages
2. select the right competitive advantage
3. communicate & deliver the chosen position

Front 30

Whatis competitive advantage?

Back 30

an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits, that justify competitive advantage.

Front 31

list examples of product differentiation..

Back 31

* Features
* Performance
* Style & Design
* Attibutes

Front 32

list examples of services differentiation..

Back 32

*Delivery,
*Installation
* Repair Services
* Customer Training Services

Front 33

list examples of Image differentiation..

Back 33

* Symbols
* Atmospheres
* Events

Front 34

list examples of personnel differentiation..

Back 34

* Hiring,Training
* Better People than competitors do

Front 35

what is the criteria for determining which differences to promote? (Unique selling Propostion)

Back 35

*Important
* Profitable
* Affordable
*Preemptive
*communicable
* Superior
* Distinctive

Front 36

Selecting an Overall positioning strategy you compare _____ & ______

Back 36

Benefits & price are compared to see if you get more benefits for more $ you spent, the same benefits or less. etc.