Marketing 230 Chapter 7

Front 1

Target Marketing Strategy

Back 1

Dividing the total market into different segments based on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments

Front 2

Steps in the Target Marketing Process

Back 2

1.Segmentation
2.Targeting
3.Positioning

*Note "synchronizing" is not one of these

Front 3

Segmentation

Back 3

the process of dividing a larger market into smaller pieces based on one or more meaningful, shared characteristics

Front 4

Pro's for Generation Y Characteristics

Back 4

1.Flexible, adaptable, no expectation of stability
2.Fast moving, highly organized, time conscious
3.Self confident achievers
4.Optimistic
5.High Level of sociability, team oriented
6.Independent Self sufficient
7.Well educated, intellectual, respect wisdom, value opportunity more than money
8.Open minded, tolerant of diversity, willing to fight for social justice, socially and environmentaly conscious, high morality and civic duty, Frank and honest
9.Entrepreneurial, creative, problem solvers, risk takers

Front 5

Five Universal Truths

Back 5

1.Home as a cornerstone
2.Air of feminine superiorty
3.She Chief
4.Elevation of the Ordinary
5.Clutter is the new fat

*"Elevation of the fancy, less functional and Sophisticated" is not one of these

Front 6

The Three Future Trends of Women

Back 6

1.Outsourcing
2.Downshifting
3.Hiving

*"Consolidating" is not one of these trends

Front 7

The four types of women identified in the LeoShe Study

Back 7

1.House Proud
2.Keeping up with the Jones
3.Treading Water
4.Keep it simple

*"Home/Job Bipolar" is not one of these groups

Front 8

Metrosexual

Back 8

A man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side

*Machismo is not one of these characteristics

Front 9

Income (Distribution of wealth)

Back 9

relates directly to buying power

Front 10

Geocoding

Back 10

Customizing web advertising so that people who log on in different places will see ad banners for local businesses

Front 11

Psychographics

Back 11

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

Front 12

VALS (Values and Lifestyles)

Back 12

psychographic system that divides the entire US population into 8 segments

Front 13

Behaviroal Segmentation

Back 13

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

Front 14

80/20 Rule

Back 14

marketing heuristic that 20% of purchasers account for 80% of product's sales

Front 15

Target Markets

Back 15

group or groups that a firm selects to turn into customers as a result of segmentation and targeting

Front 16

Viable target market should satisfy the following requirements

Back 16

1. Segment members with similarities in products, needs and wants yet
2.Measurable segments
3.Segment size large enough to allow for profits
4.Segments are reachable through marketing communications
5.Marketers can adequately serve the needs of the segment

Front 17

The Three major trends from the Unmarried: The New American Way

Back 17

1.Married Couple Households--the married majority is on the way out
2.Estimated Median Age at First Marriage--because people are marrying later
3.Unmarried couples Households of the opposite sex--cohabiting more

Front 18

The three major trends from "The New Singledom is Changing How AMericans Live

Back 18

1.High School seniors who said child-rearing outside of marriage is a worthwhile lifestyle--Teens increasingly see marriage as optional
2.Live Births to Unmarried women--out-of-wedlock births are on the rise
3.Percent of men/women who never married--and more adults are forgoing marriage

Front 19

Undifferentiated Targetting Stratgey

Back 19

Appealing to a broad spectrum of people

Front 20

Differentiated Targeting Strategy

Back 20

Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace

Front 21

Mass Customization

Back 21

An approach that modifies a basic good or service to meet the needs of an individual

Front 22

Positioning

Back 22

Developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition

Front 23

Brand Personality

Back 23

distinctive image that captures a good's or service's character and benefits
* ad got away with it because there wasn't a P on the Doughboy

Front 24

Customer Relationship Management (CRM)

Back 24

philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back

Front 25

CRM--definition from What is CRM

Back 25

business strategy to select and manage the most valuable customer relationships--requires constumer-centric business philosophy and culture to support effective marketing, sales, and serive processes--applications can enable effective customer relationship, management provided that an enterprise has the right leadership, strategy and culture.

Front 26

Four Steps of One-to-One Marketing

Back 26

1.Identify
2.Differentiate
3.Interact
4.Customize

Front 27

Customer Equity

Back 27

-Financial value of a customer relationship throughout the lifetime of the relationship
-(Rust et al 2005) total of the discounted lifetime value summed over all the firms current and potential customers

Front 28

Value Equity

Back 28

Customer's objective assessment of the utility of a brand based on perceptions of what is given up for what is received

Front 29

Brand Equity

Back 29

customer's subjective and intangible assessment of the brand, above and beyond its objectiviely perceived value

Front 30

Relationship Equity

Back 30

tendency of the customer to stick with teh brand, above and beyond the customer's objective and subjective assessments of the brand