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16 Cards in this Set
- Front
- Back
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What does STP stand for? |
-Segmentation -Targeting -Positioning |
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What are the 4 types of market segmentation? |
-Geographic Segmentation -Demographic Segmentation -Psychographic Segmentation -Behavioral Segmentation
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What is psychographic segmentation? |
The division of buyers into different groups based on social class, lifestyle, or personality traits |
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What are the three main types of psychographic segmentation? |
1. Lifestyle Segmentation 2. Social/Value Segmentation 3. Personality Segmentation |
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How does intermarket segmentation work? |
It divides consumers into groups with similar needs and buying behaviors even though they are located in different countries |
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To be useful, markets segments must be.... |
-Measureable -Accessible -Substantial -Differentiable -Actionable |
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What are some factors that are used to evaluate market segments? |
-Segment size and growth -Segment structural attractiveness -Company objectives and resources |
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The Target Market consists of... |
a set of buyers who share common needs or characteristics that the company decides to serve |
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Undifferentiated marketing targets the whole market with one offer
-Mass marketing -Focuses on common needs rather than what's different |
Differentiated marketing targets several market segments and designs separate offers for each
-Goal is to achieve higher sales and stronger position -More expensive than undifferentiated marketing |
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Micromarketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.
Two types include: -Local Marketing -Individual Marketing |
Local Marketing involves tailoring brands and promotions to the needs and wants of local customer groups (i.e. cities, neighborhoods..)
Individual marketing involves tailoring products and marketing programs to the needs and preferences of individual customers (aka One to One Marketing) |
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What is Product positioning? |
It is the way the product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products -Perceptions -Impressinos -Feelings |
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What is the product positioning statement template? |
For (target), (product, brand, service, company) is the (competitive qualifer) that (single or short list of truly distinctive benefits). |
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What is business buyer behavior? |
Business buyer behavior refers to the buying behavior of the organizations that buy goods and services for use in production of other products and services that are sold, rented, or supplied to others |
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What is the business buying process? |
It is the process where business buyers determine which products and services are needed to purchase, and then find, evaluate, and choose among alternative brands |
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What are the three types of major buying situations? |
1. Straight rebuy: routine purchase 2. Modified rebuy: simple modification to a rebuy requiring some research, effort, etc. 3. New Task: a purchase decision that requires thorough research such as a new product |
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A buying center is all of the individuals and units that participate in the business decision-making process.
Name the different participants involved. |
-Users- actually use the product -Influencers- define specs and info for evaluating alternatives -Deciders- -Purchasers-authority to select supplier and arrange terms -Gatekeepers |
