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23 Cards in this Set
- Front
- Back
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What's the first step to segmenting a market? |
Identify people with shared characteristics. |
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What's the second step to segmenting a market? |
aggregate the segments into larger ones according to their interest in the product's utility. |
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What are ways to segment consumers based on their behavior? |
User status, usage rate, purchase occasion and benefits sought. |
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What are 4 different types of segmentation? |
Behavior, Demographics, Geographics and Psychographics. |
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What are the different types of user status? |
-Sole users: only use your brand. -Semi-sole users: have preference, but use another brand as well. -Aware non-triers: know about you, but don't use your brand. -Trial/rejectors: have tried the brand, but did not like it. -Repertoire users: will buy your brand just because it's the top brand. |
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What are two ways to segment by psychographics? |
-Primary motivation: ideals, motivation and self-expression as motivation to buy. -Resources: what you have available that allows you to buy certain things. Like education, income, occupation, etc. |
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What is VALS? |
psychographic tool that predicts purchasing behavior of customers based on their primary motivations and resources. |
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What's so different about b2b marketing as opposed to b2c marketing? |
-fewer buyers -way more complicated to sell and buy -making a sale takes a lot longer. -businesses have purchasing departments - decisions are based on more than just quality. |
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What's the target marketing process? |
1. Define the target market. 2. Develop an appropriate marketing mix. |
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What's the product concept? |
the consumer's perception of the product as a bundle of utilitarian values. |
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What is the product element? |
how the product is designed, what package it's in, etc. Aspects about the actual product itself. |
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What are the stages in the product life cycle? |
-Introduction -Growth -Maturity -Decline |
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What is a pull strategy? |
A strategy aimed at customers that encourages them to "pull" it down through distribution channels. |
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What is a push strategy? |
A strategy aimed at retailers and wholesalers that encourages them to stock, trade and advertise our product to their customers. They're "pushing" our product onto the customers. |
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What's an individual brand? |
every product that a producer makes has a separate brand name. |
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What's a family brand? |
every different product that a producer makes has the same brand name. It's a "family" of different products living in one brand. |
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What's a private label? |
It's just a generic brand, like Meijer or Walmart. |
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What's a licensed brand? |
Putting your "name" on something that you didn't make. You just gave them permission to use it. |
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What's direct distribution? |
When you sell the product straight to the customer. Like Mary Kay or Avon. |
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What's network marketing? |
When you don't advertise at all. You operate strictly through word of mouth. |
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What's selective distribution? |
you are picky about which stores carry your brand. |
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What's intensive distribution? |
you are extremely liberal about who carries your product. You want as many people as possible to have it. |
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What's exclusive distribution? |
When ONLY one store can carry your product. For example, you can only buy The Beatles' albums on iTunes. |
