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32 Cards in this Set

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