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6 Cards in this Set
- Front
- Back
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What 2 criteria do groups have to meet to belong in the same market segment?
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1.) Have common needs
2.) Respond similarly to marketing actions |
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What is a market-product grid used for?
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To show the relationship between potential buyers and products.
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What are 3 situations where you should NOT segment a market?
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When it costs more to segment than the profits you would reap:
1.) One product and multiple market segments (just combine them) 2.) Multiple products and multiple market segments 3.) Segments of one (too segmented) |
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What are the 4 bases for segmenting markets?
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1.) Geographic - location
2.) Demographic - sex, race, age 3.) Psychographic - personality 4.) Product Usage - outdoors person |
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What are the 5 steps to Segmenting and Targeting a Market?
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1.) Group potential buyers into segments
2.) Group products into categories 3.) Develop Market-Product Grid and estimate the size of the market 4.) Select Target Markets 5.) Take ACTION |
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What is product positioning in relation to a consumer?
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It is the place in the mind that the product falls in relation to the competition.
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