Marketing Test 3 Chapter 7

Front 1

Target Marketing Strategy

Back 1

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

Front 2

Order of Target Marketing Strategy

Back 2

Segmentation -> Targeting -> Positioning

Front 3

Segmentation

Back 3

Identify and describe market segments

Front 4

Targeting

Back 4

Evaluate segments and decide which to go after

Front 5

Positioning

Back 5

Design a product to meet needs, compete, and succeed in target market

Front 6

The act of Segmentation

Back 6

The process of dividing a larger market into smaller pieces based on one or more meaningful, shared characteristics

Front 7

Pros of Generation Y (6)

Back 7

1. flexible, adaptable
2. fast moving, organized
3. self-confident
4. optimistic
5. team oriented
6. educated, intellectual

Front 8

LeoShe Studies
(5) universal truths

Back 8

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

Front 9

LeoShe studies
(3) major trends

Back 9

1. Outsourcing
2. Downshifting
3. Hiving

NOTE: Consolidating is NOT one of these trends.

Front 10

LeoShe Studies
(4) types of women identified in the LeoShe Study

Back 10

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

Front 11

metrosexual

Back 11

a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side

Front 12

geodemography

Back 12

a segmentation technique that combines geography with demographics

Front 13

buying power

Back 13

income, or distribution of wealth is directly related

Front 14

psychographics

Back 14

the use of psychological, and anthropological factors to construct market segments

Front 15

VALS (values and lifestyles)

Back 15

A psychographic system that divides the entire US population into eight segments

Front 16

Behavioral Segmentation

Back 16

a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service

Front 17

80/20 rule

Back 17

a marketing heuristic that 20% of purchases account got 80% of a products sales

Front 18

Target markets

Back 18

A group or groups that a firm selects to turn into customer as a result of segmentation and targeting

Front 19

a viable target market should satisfy the following requirements (5)

Back 19

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

Front 20

Unmarried: the New American way(3)

Back 20

1. the married majority is on its way out
2. because people are marrying later
3. cohabiting more

Front 21

The new singledom is changing how Americans live (3)

Back 21

1. Teens increasingly see marriage as optional
2. out-of-wedlock births are on the rise
3. more adults are forgoing marriage

Front 22

undifferentiated targeting strategy

Back 22

appealing to a broad spectrum of people

Wal*Mart

Front 23

differentiated targeting strategy

Back 23

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

Front 24

Mass customization

Back 24

An approach that modifies a basic good or service to meet the needs of an individual

Dell

Front 25

Positioning

Back 25

Developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition

Front 26

brand personality

Back 26

a distinctive image that captures a good's or service's character and benefits

Front 27

Commercial Ad

Back 27

Got Milk? KILL pillsbury dough boy

OMG!

Front 28

Customer relationship management (CRM)

Back 28

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

Front 29

4 steps to one-to-one marketing
(in order)

Back 29

1. identity
2. differentiate
3. interact
4. customize

Front 30

customer equity

Back 30

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

Front 31

value equity

Back 31

the customers objective assessment of the utility of a brand based on perceptions of what is given up for what is received

Front 32

Brand equity *

Back 32

the customers subjective and intangible assessment of the brand, above and beyond its objectivity perceived value

Front 33

relationship equity

Back 33

the tendency of the customer to stick with the brand, above and beyond the customers objective and subjective assessments of the brand