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32 Cards in this Set
- Front
- Back
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What are 4 levels of Market Segmentation?
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1) Geographic Segmentation
2) Demographic Segmentation 3) Psychographic Segmentation 4) Behavioral Segmentation |
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Which 2 levels of Market Segmentation are often combined?
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Geographic and Demographic Segmentation
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What is Geographic Segmentation?
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Markets divided into different geographical units.
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What is Demographic Segmentation?
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Markets divided by variables such as age, gender, income, education, religion, etc.
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What is Psychographic Segmentation?
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Markets divided by psychological & personality traits, values and lifestyle.
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What is Behavioral Segmentation?
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Markets divided by consumer attitudes, response, loyalty, knowledge, or use of a product.
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What are the 3 types of selling?
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1) Transactional Selling (Price)
2) Consultative Selling (Solution) 3) Enterprise Selling (Strategic-value) |
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What is Transactional Selling?
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Selling to price-oriented customers
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What is Consultative Selling?
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Selling to solution-oriented customers
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What is Enterprise Selling?
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Selling to strategic-value customers
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What is Differentiated Marketing?
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Selling to several distinct market segments
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What is Undifferentiated Marketing?
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Selling to the overall market, regardless of market segments
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Which is generally more successful, Differentiated or Undifferentiated Marketing?
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Differentiated Marketing
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Is it usually best to target several segments at once or initiate a segment-by-segment plan?
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Segment-by-segment. This keeps competitors guessing which segment you will go to next.
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A growing form of marketing where individuals customize products is known as…
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Self-Marketing
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What are the 2 bases for segmenting consumer markets?
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1) Consumer Characteristics
2) Consumer Reponses |
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To be useful, Market Segments must be (5 items)…
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1) Actionable
2) Accessible 3) Substantial 4) Measurable 5) Differentiable |
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Markets can be targeted at which 4 levels?
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1) Niches
2) Segments 3) Individuals 4) Local areas |
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What are the 3 activities that comprise Target Marketing?
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1) Market Targeting
2) Market Positioning 3) Market Segmentation |
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What are the 2 parts of a flexible market offering?
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1) Naked solution
2) Discretionary options |
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What is a Market Segment?
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A group of customers who share a similar set of needs.
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What is the task of a Marketer?
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To identify segments and decide which ones to target.
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What are the 3 types of Preference Segments?
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1) Homogeneous Preferences
2) Diffused Preferences 3) Clustered Preferences |
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What are Homogeneous Preferences?
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A market where most consumers have the same preferences.
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What are Diffused Preferences?
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A market where most consumers have different preferences.
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What are Clustered Preferences?
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A market where there are only a few different preferences (natural market segments).
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What is Niche Marketing?
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Marketing to a narrowly defined customer group.
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Name two items that have facilitated niche marketing.
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1) The Internet
2) Globalization |
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Marketing that concentrates on getting as close as possible to customers as is known as…
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Local (or “Grassroots”) Marketing
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What is the “Experience Economy?”
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The idea that all businesses must create memorable events for their customers.
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Name 4 things that a business can sell.
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1) Goods
2) Services 3) Experiences 4) Commodities |
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What is "Customerization?"
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Customized Marketing on a one-to-one basis.
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