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25 Cards in this Set
- Front
- Back
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Combining potential buyers into groups that have common needs and will respond similarly to a a marketing action
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market segmentation
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Groups of prospective buyers that result from market segmentation
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market segment
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The increased customer value achieved through performing organizational functions more efficiently
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synergy
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Quantity consumed or times visited during a specific period
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usage rate
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Idea that 80% of a firm's sales are obtained from 20% of its customers
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80/20 rule
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Group Potential Buyers into Segments
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First step in Segmenting and Targeting Markets
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Group Products Sold into Categories
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Second step in Segmenting and Targeting Markets
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Develop a Market-Product Grid and Estimate the Size of Markets
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Third step in Segmenting and Targeting Markets
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Select Target Markets
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Fourth step in Segmenting and Targeting Markets
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Take Marketing Actions to Reach Target Markets
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Fifth step in Segmenting and Targeting Markets
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Market size, Expected growth, Competitive position, Cost of reaching the segment, Compatibility with the organization's objectives and resources
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Criteria to Use in Selecting the Target Segments
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The place a product occupies in consumer's minds on important features relative to competing products
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product positioning
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Changing the place a product occupies in consumers' minds relative to competitive products
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product repositioning
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Intangibility, Inconsistency, Inseparability, Inventory
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four I's of service
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either a good or a service
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core product
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allow service providers to differentiate their offerings from competitors to add value for consumers
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supplementary services
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insignificant point of difference
too little market attractiveness poor product quality |
Reasons for New-Product Failure
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Sequence of activities a firm uses to identify business opportunities and convert hem into salable goods or services
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new-product process
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New Product Strategy Development
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Stage 1 in the New-Product Process
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Idea Generation
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Stage 2 in the New-Product Process
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Screening and Evaluation
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Stage 3 in the New-Product Process
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Business Analysis
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Stage 4 in the New-Product Process
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Development
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Stage 5 in the New-Product Process
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Market Testing
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Stage 6 in New-Product Process
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Commercialization
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Stage 7 in New-Product Process
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