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12 Cards in this Set
- Front
- Back
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3 requirements for effective targeting |
1) identify groups of buyers who differ in their needs 2) choose 1 or more market segments to enter 3) establish&communicate distinctive benefits of marketing offering |
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What is a market segment? |
Group of customers who share similar needs/wants |
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What are 4 diff. market segments? |
Demographic (age, life stage, income, generation) Psychographic (personality, lifestyle, values) Geographic (where they live) Behavioral (how they respond to product) |
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What is a life stage? |
The consumer's major concern.
Can be in the same life cycle but at a different life stage. |
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What is multicultural marketing? |
Diff. cultural segments have diff. needs & wants that require targeted marketing (mass marketing to diff. cultures is not sufficient) |
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What are the decision roles of behavioral segmentation? |
Buyer Influencer Decider User Initiator |
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What are the 4 states of loyalty? |
Hard core (will go to another store) Split loyals (have a few brands to choose from) Shifting loyals (switch from one brand to another) Switchers (no loyalty to anyone) |
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What are some user & usage variables in behavioral segmentation? |
User status (regular or non user) Usage rate (light, medium, heavy) Buyer readiness (aware/interested?) Loyalty status Attitude Occasions Multiple bases |
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5 ways of segmenting for business markets? |
Demographic (industry, size, location)
Operating variable (technology, capabilities)
Purchasing approaches (leasing, bidding, service, price)
Situational factors (urgency, size of order)
Personal factors (buyer/seller similarity, loyalty, attitude toward risk) |
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What are the 7 steps of the segmentation process? |
Need based segmentation: group customers based on similar needs
Segment identification: which characteristics make this segment distinct
Segment attractiveness: How attractive is this segment to you (based on market growth or competitive intensity)
Segment profitability: how profitable is the segment
Segment positioning: create a value proposition for the segment
Segment acid test: create a storyboard
Market mix strategy: expand segment positioning strategy to include all 4Ps of the marketing mix |
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5 effective segmentation criteria? |
Actionable Differentiable Measurable Substantiable Accessible |
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What is porter's 5 forces model? |
Threat of rivalry Threat of buyer bargaining power Threat of supplier Threat of substitutes Threat of new entrants |
