Mkt-Chapter 7

Front 1

Steps in the Target Marketing Process

Back 1

1. Segmentation 2. Targeting 3. Positioning

Front 2

Segmentation

Back 2

The process of dividing a larger market into smaller pieces based on one or more meaningfully shzred characteristics

Front 3

segmentation variables

Back 3

dimensions that divide the total market into fairly homogenous groups, each with different needs and preferences

Front 4

Generation Y

Back 4

The group of consumers being born between 1979 and 1994. The first generation to grown up with the internet

Front 5

demographic

Back 5

statistics that measure observable aspects of a population, including size, age, gender, ethic group, income, education, occupation, and family structure.

Front 6

generational marketing

Back 6

marketing to members of a generation, who tend to share the same outlook and priorities

Front 7

generation x

Back 7

the group of consumers born between 1965 and 1978

Front 8

baby boomers

Back 8

the segment of people born between 1946

Front 9

metrosexual

Back 9

a straight, urban male who is keenly interested in fashion, home design, gourmet cooking, and personal care

Front 10

geodemography

Back 10

a segmentation technique that combines geography with demographics

Front 11

geocoding

Back 11

customizing web advertising so that people who log on in different places will see ad banners for their local business

Front 12

psychographics

Back 12

The use of psychological, sociological, and anthropological factors to construct market segments

Front 13

VALS (Values and lifestyles)

Back 13

A psychographic system that divides the entire US population into eight segments.

Front 14

behavioral segmentation

Back 14

a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service

Front 15

80/20 rule

Back 15

a marketing rule of thumb that 20 percent of purchases account for 80& of product sales.

Front 16

long tail

Back 16

a new approach to approach to segmentation based on the idea that companies can make money by selling small amounts of items tat only a few people want, provided they sell enough different items.

Front 17

usage occasions

Back 17

an indicator used in behavioral market segmentation based on when consumers use a product most.

Front 18

Customer Relationship Management (CRM)

Back 18

a systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. CRM allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts.

Front 19

CRM Trend

Back 19

1. identify customers and get to know them in as much detail as possible.
2. differentiate among these customers in terms of both their needs and their value to the company
3. Interact with customers and find ways to improve cost efficiency and the effectiveness of the interaction
4. Customize some aspect of the goods or services that you offer to each customer.

Front 20

Characteristics of CRM

Back 20

Lifetime value of a customer, customer equity, customer prioritization, and Share of customer.