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12 Cards in this Set
- Front
- Back
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4 Forms Of Marketing Segmentation? |
1)Mass Marketing: the entire market with no differentiation 2)Segment Marketing: specific products and services to meet different needs of target market 3)Niche Marketing: focus efforts on limited segment 4)Individual Marketing: customization of offers and product to fit individual needs |
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How to define target market |
1)Geographics: where do they live? Rural or suburb? Country, province, city size. 2)Demographics 3)Physcographics: attitudes on life, personality, interests, opinions, activities. 4)Behaviouristics: why they buy, how they buy, how they use, brand loyal? |
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3 types of reseach |
1)Exploratory: preliminary, clarify scope and nature of marketing problem ex: why did production go down? 2)Descriptive: describe basic characteristics of a given population to clarify usage or attitudes. ex:how frequently do people use ATMs 3)Causal: what are the causes and effects relationships between variables? ex:Did the new advertising campaign work? |
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6 steps of market research |
1)Define problem, opportunity, issue: clarfiy objective 2)Design research plan: identify what info is needed. Information requirements, collection methods, sampling techniques 3)Qualitative research: focus groups, interviews. Look at secondary data already available then create primary data by doing own research. 4)Quantitative research: panel, questionaire, studies, experiments, etc. 5)Compile, Analyze, Interpret: turn into actionable information 6)Generate Reports and recommendations: make recommendations that address initial objectives |
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3 Reference groups |
Membership Groups
Aspiration Groups
Dissociative Groups |
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5 Stages of Purchase Decision |
1)Problem Recognition: perceiving a need 2)Information Search: seeking value, internal external search, online or from friends 3)Evaluation of alternatives: assessing value, price vs. functionality 4)Purchasing Decision: buying value, when to buy how to buy where to buy 5)Post Purchase Behaviour: value in consumption or use, satisfied or dissatisfied? cognitive dissonance(did i make the right choice?) |
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Personal Influence |
Opinion Leadership
Word Of Mouth |
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Family Influence |
Family Cycle
Family Decision Making |
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4 Types Of Business |
1)Monopoly: One company selling to market 2)Oligopoly: Few companies selling to market 3)Monopolistic Competition: lots of companies selling differentiated goods 4)Perfect Competition: many sellers with exact same product |
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Essence of Marketing |
Give customer what they want/need while making a profit. |
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3 Steps Of Marketing Process |
1)Identify Need 2)Manage marketing mix (product, price, place, promotion) to meet customer needs 3)Realize Profits |
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4 Stages of marketing progression |
1)Production orientation 2)Sales orientation 3)Marketing orientation 4)Relationship marketing orientation |
