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10 Cards in this Set
- Front
- Back
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an aggregate of people who as individuals or as organizations, have needs for products in a product class and who have the ability , willingness and authority to purchase such products
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=what are Markets
also: can be.... -specific location (flea market) -large geographic area -relationship between supply and demand (market for given product) -action word, as in market a product) |
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What are marketing requirments
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-need/desire for a particular product
-have ability to purchase product -willingness to use buying power -have authority to buy specific products |
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TARGET MARKET SELECTION PROCESS!
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1) Identify the appropriate targeting strategy
2) Determine which segmentation variables to use 3) Develop segment profiles 4)Evaluate relevant market segment 5)Select specific target markets |
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a strategy in which an organization defines an entire market for a particular product as its target market, designs a single market mix, and directs it at that market
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Undifferentiated Targeting Strategy
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Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs
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Market Segment
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Market segmentation strategy in which an organization targets a single market segment using one marketing mix
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Concentrated Target Strategy
adv: you can specialize in those certain target markets disadv. what if audience A<B<C goes away who will you market to? |
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a strategy in which an organization targets two or more segments by developing a marketing mix for each segment
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Differentiated Targeting Strategy
Adv. you can meet more of your markets disadv. you have to support two marketing mixes and keep up with them, its more expensive |
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dividing a market according to some feature of consumer behavior toward a product
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Behavioristic variables
-users -non users -heavy/light |
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creating and maintaining a certain concept of a product in customers minds
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product positioning
(all about perception,not physical) |
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when you call out your direct competition it is called..
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head to head positioning
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