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33 Cards in this Set
- Front
- Back
Target Marketing Strategy
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Dividing the total market into different segments based on the basis of:
-customer characteristics - selecting one or more segments -developing products to meet the needs of those specific segments |
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Order of Target Marketing Strategy
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Segmentation -> Targeting -> Positioning
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Segmentation
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Identify and describe market segments
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Targeting
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Evaluate segments and decide which to go after
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Positioning
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Design a product to meet needs, compete, and succeed in target market
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The act of Segmentation
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The process of dividing a larger market into smaller pieces based on one or more meaningful, shared characteristics
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Pros of Generation Y (6)
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1. flexible, adaptable
2. fast moving, organized 3. self-confident 4. optimistic 5. team oriented 6. educated, intellectual |
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LeoShe Studies
(5) universal truths |
1. Home as a cornerstone
2. An air of feminine superiority 3. She Chief 4. Elevation of the ordinary 5. Clutter is the new fat NOTE: Elevation of the fancy, less functional, and sophisticated is NOT one of these truths |
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LeoShe studies
(3) major trends |
1. Outsourcing
2. Downshifting 3. Hiving NOTE: Consolidating is NOT one of these trends. |
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LeoShe Studies
(4) types of women identified in the LeoShe Study |
1. house proud
2. keeping up with the jones 3. treading water 4. keep it simple NOTE: Home/Job bipolar is NOT one of these groups |
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metrosexual
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a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side
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geodemography
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a segmentation technique that combines geography with demographics
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buying power
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income, or distribution of wealth is directly related
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psychographics
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the use of psychological, and anthropological factors to construct market segments
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VALS (values and lifestyles)
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A psychographic system that divides the entire US population into eight segments
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Behavioral Segmentation
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a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service
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80/20 rule
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a marketing heuristic that 20% of purchases account got 80% of a products sales
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Target markets
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A group or groups that a firm selects to turn into customer as a result of segmentation and targeting
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a viable target market should satisfy the following requirements (5)
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1. segment members with similarities in products needs and wants, while being different from other segments.
2. measurable segments 3. segment size large enough to allow for profits 4. the segments are reachable through marketing communications 5. markets can adequately serve the needs of the segment |
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Unmarried: the New American way(3)
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1. the married majority is on its way out
2. because people are marrying later 3. cohabiting more |
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The new singledom is changing how Americans live (3)
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1. Teens increasingly see marriage as optional
2. out-of-wedlock births are on the rise 3. more adults are forgoing marriage |
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undifferentiated targeting strategy
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appealing to a broad spectrum of people
Wal*Mart |
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differentiated targeting strategy
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developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the market place
Loreal |
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Mass customization
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An approach that modifies a basic good or service to meet the needs of an individual
Dell |
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Positioning
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Developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition
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brand personality
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a distinctive image that captures a good's or service's character and benefits
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Commercial Ad
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Got Milk? KILL pillsbury dough boy
OMG! |
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Customer relationship management (CRM)
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a philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back
(2) a business strategy to select and manage the most valuable customer relationships |
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4 steps to one-to-one marketing
(in order) |
1. identity
2. differentiate 3. interact 4. customize |
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customer equity
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the financial value of a customer relationship throughout the lifetime of the relationship
(2) the total of the discounted lifetime value summed over all of the firms current and potential customers |
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value equity
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the customers objective assessment of the utility of a brand based on perceptions of what is given up for what is received
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Brand equity *
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the customers subjective and intangible assessment of the brand, above and beyond its objectivity perceived value
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relationship equity
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the tendency of the customer to stick with the brand, above and beyond the customers objective and subjective assessments of the brand
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