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46 Cards in this Set

  • Front
  • Back

Marketing Segmentation

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar products needs

sustainability

a segment must be large enough to warrant developing and maintaining a special marketing mix

accessibility

a firm must be able to reach members of targeted segments with customized marketing mixes

geographic segmentation

segmenting markets by region of a country or the world, market size, market density or climate

demographic segmentation

segmenting by age, gender, income, etc

FLC segmentation

a series of stages determined by a combination of age, marital status, and the presence or absence of children

psychographic segmentation

segmenting on the basis of personality, motives, lifestyles, etc

80/20 principles

20 percent of customers create 80 percent of demand

positioning

developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, organization in general

DSS (decision support system)

an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions

Database marketing

the creation of a large computerized file of customers and potential customers profiles and purchase patterns

marketing research

the process of planning, collecting, and analyzing data relevant to a marketing decision

secondary data

data previously collected for any purpose other than the one at hand

primary data

information that is collected for the first time, used for solving the particular problem under investigation

mall intercept interview

a survey research method that involves interviewing people in the common areas of shopping malls

open ended question

an interview question that encourages an answer phrased in the respondents own words

close ended question

an interview question that asks the respondent to make a selection from a limited list of responses

observation research

a research method that relies on four types of observation


- people watching people


- people watching an activity


- machines watching people


- machines watching an activity

product

everything both favorable and unfavorable that a person receives in an exchange

convenience product

a relatively inexpensive item that merits little shopping effort

shopping goods

a product that requires comparison shopping. More expensive than convenience products, may be in less stores

specialty product

a consumer must search extensively and are reluctant to accept substitutes (inferior products)

product line

a group of closely related product items

product width

the number of products lines an organization offers

product mix

all products that an organization sells

product line depth

the number of product items in a product line

brand

identifies a seller's products and differentiates them from competitors' products

brand equity

value of the company and brand names

product development

marketing strategy that entails the creation of marketable new products, the process of converting applications for new technologies into marketable products

5 steps of product development

idea generation


idea screening


business analysis


development


test marketing

development

the stage in the product development process in which a prototype is developed and a marking strategy in outlined

test marketing

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

innovation

a product perceived as new by a potential adopter

diffusion

the process by which the adoption of a innovation spreads

product life cycle

a biological metaphor that traces the stages of a product's acceptance

service

the result of applying human or mechanical efforts to people or objects

intangibility

the inability of services to be touched, seen, etc in the same manner that goods can be sensed

inseparability

the inability of the production and consumption of a service to be separated. Consumers must be present during the production

heterogeneity

the variability of the inputs and outputs of services which causes services to tend to be less standardized than goods

perishability

the inability of services to be stored, warehoused, or inventoried

credence quality

a characteristic that consumers might have difficulty even after purchase because they do not have the necessary knowledge or experience

reliability

the ability to perform a service dependably

responsiveness

ability to perform prompt service

assurance

ability to convey trust

empathy

caring, individual trust to customers

tangibles

the physical evidence of a service