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49 Cards in this Set

  • Front
  • Back
market segmentation
2 step process-1. naming broad product-marketins 2. segmenting these broad product-markets in order to select ttarget marets and develop suitable marketing mixes
practical approachtries to narrow down the amarketing focus to product-market areas where the firm is more likely to have a competitive advantage or even to find breakthrough opportunities
clustiner peopele with similar needs into a "market segment"
market segment
homogenous group of custers who will responond to a marketin gmix in a similar way
ideally good market segments criteria:
homogenous-similar within
hetereogeneous-very diff. in diff. segments
substantial-lot of people in it
operational-segmenting dimensions hshould be useful for identifying customers and deciding on marketin mix variables --very important
single tarket market approach
segmenting marketing and picking one of the homoegenous segments as the firm's target market
multiple target market approcah
segmenting the market and choosing two or more segments, than treating each as a separate target market needing a different marketing mix
combined target market appraoch
combining 2 or more submarkets into one larger target market as a basis for one strategy
try to increase the size of their target markets by combining two or more segments
aim at one or more homogenous segments and try to develop a different marketin mix for each segment
qualifying dimension
those relevant to including a customer type in a product-market
determining dimensions
those that actually affect the customer's purchase of a specific product or brand in a product-market
refers to how cuomster think about proposed or present brands in a market -manager should know how he or she wants target customers to think about the firm's marketin mix.
creation of tangible or intangible differences on one or two key dimensions b/t a focal product and its main competitors
positioning statement
for [target segment], the [concept] is [the primary important claim] b/c [it is the single most important factor].
sellin price x volume
fixed cost + variable cost
total revenue-total cost
unit margin
sales price-unit variable cost
% margin
(selling price-unit VC)/ selling price= (unit VC)/(1-%margin)
breake even
when sell enough to cover fixed costs--> fixed cost/ unit margin
target profit
marketing information system
organized way of continually gathering, accessing, and analyzing info that marketing maangers need to make decisions
marketing research
procedures to develop and analyze new info to help marketing maangers make decisions
marketing research process (5 steps)
1.define problem
2.analyze situation
3. gett problem-specific data
4. indterpreting the data
5. solving the problem
situation analysis
informal study of what information is already available in the problem area
research proposal
a plan that specifies what info will be obtained and how-to be sure no misunderstandings occur later
qualittative research
seeks in-depth, open-ended responses, not yes or no answers
focus group interview
open-ended questions, wants group interaction-to stimulate thinking and get immediate reatcionts
consumer panels
grp. of consumers who privde info on a continuing basis
experimental method
researchers compare the responses of 2 (or more) groups that atre similar except on the characteristic being tested
statistical packages
easy-to-use compute rprograms that analyze data
one of the most frequently used approaches for analyzing and itnerpreting marketing research data
product assortment
set of all product lines and individual products that a firm sells
product line
set of individual products that are closely related
individual product
particular product within a product line--differentiated by brand, level of servic eofferd, price, or some other characteristic.
consumer product
products meant for the final consumer
busines products
products meant for use in producing other products
consumer product classes divide into 4 gropus
convenience, shopping, specialty, unsought (each class is based on way people buy products)
exploratory reserach
used to gain ideas and insight about the research problem
descriptive research
used when the research objectives and research questiosn are clearly formulated and when descriptive and summary measures are needed to address the research questions--canbe summarized in numbers
experiemental/causal research
used to establish cause-and-effect reltionships. used to understand the connections b/t mgmt. actions and boserved toucomes more clearly than is possible with descriptive research --actual experiment
two types of causal experiments
laboratory-conducte din labs
2. field experiements-conducted in actual markets with maniuplation of some marketing activities; more expensive.
need-satisfying offering of a firm.
stock keeping unit
use of a name, term, symbol, design, or a combination of these, to identify a product

branding is not a brand name
brand equity
value of a brand's overall sterength in the market
brand extension
extend a brand name of a product category to a new product category
line extension
add mor eproducts ot eh current product line