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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 |
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sustainability |
a segment must be large enough to warrant developing and maintaining a special marketing mix |
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accessibility |
a firm must be able to reach members of targeted segments with customized marketing mixes |
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geographic segmentation |
segmenting markets by region of a country or the world, market size, market density or climate |
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demographic segmentation |
segmenting by age, gender, income, etc |
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FLC segmentation |
a series of stages determined by a combination of age, marital status, and the presence or absence of children |
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psychographic segmentation |
segmenting on the basis of personality, motives, lifestyles, etc |
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80/20 principles |
20 percent of customers create 80 percent of demand |
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positioning |
developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, organization in general |
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DSS (decision support system) |
an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions |
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Database marketing |
the creation of a large computerized file of customers and potential customers profiles and purchase patterns |
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marketing research |
the process of planning, collecting, and analyzing data relevant to a marketing decision |
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secondary data |
data previously collected for any purpose other than the one at hand |
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primary data |
information that is collected for the first time, used for solving the particular problem under investigation |
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mall intercept interview |
a survey research method that involves interviewing people in the common areas of shopping malls |
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open ended question |
an interview question that encourages an answer phrased in the respondents own words |
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close ended question |
an interview question that asks the respondent to make a selection from a limited list of responses |
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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 |
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product |
everything both favorable and unfavorable that a person receives in an exchange |
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convenience product |
a relatively inexpensive item that merits little shopping effort |
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shopping goods |
a product that requires comparison shopping. More expensive than convenience products, may be in less stores |
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specialty product |
a consumer must search extensively and are reluctant to accept substitutes (inferior products) |
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product line |
a group of closely related product items |
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product width |
the number of products lines an organization offers |
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product mix |
all products that an organization sells |
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product line depth |
the number of product items in a product line |
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brand |
identifies a seller's products and differentiates them from competitors' products |
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brand equity |
value of the company and brand names |
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product development |
marketing strategy that entails the creation of marketable new products, the process of converting applications for new technologies into marketable products |
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5 steps of product development |
idea generation idea screening business analysis development test marketing |
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development |
the stage in the product development process in which a prototype is developed and a marking strategy in outlined |
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test marketing |
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation |
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innovation |
a product perceived as new by a potential adopter |
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diffusion |
the process by which the adoption of a innovation spreads |
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product life cycle |
a biological metaphor that traces the stages of a product's acceptance |
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service |
the result of applying human or mechanical efforts to people or objects |
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intangibility |
the inability of services to be touched, seen, etc in the same manner that goods can be sensed |
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inseparability |
the inability of the production and consumption of a service to be separated. Consumers must be present during the production |
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heterogeneity |
the variability of the inputs and outputs of services which causes services to tend to be less standardized than goods |
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perishability |
the inability of services to be stored, warehoused, or inventoried |
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credence quality |
a characteristic that consumers might have difficulty even after purchase because they do not have the necessary knowledge or experience |
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reliability |
the ability to perform a service dependably |
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responsiveness |
ability to perform prompt service |
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assurance |
ability to convey trust |
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empathy |
caring, individual trust to customers |
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tangibles |
the physical evidence of a service |