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61 Cards in this Set
- Front
- Back
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Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes
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Market Segmentation
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process of evaluating each market segment's attractiveness and selecting one or more segments to enter
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Market Targeting
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arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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Positioning
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GeographicDemographicPsychographicBehavioralMultiple Bases
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Bases for Segmenting Consumer Markets
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Dividing a market into different segments based on social class, lifestyle, or personality characteristics
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Psychographic segmentation
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dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
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Behavioral segmentation
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Occasion segmentationBenefit segmentationUser status Usage RateLoyalty Status
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Behavioral segmentation
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DemographicsOperating VehiclesPurchasing ApproachesSituational FactorsPersonal Characteristics
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Segmenting Business Markets
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forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
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intermarket segmentation
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markets segmented by geographic location, economic factors, political and legal factors, and cultural factors
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International markets
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Requirements for Effective Segmentation
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MeasurableAccessibleSubstantialDifferentiableActionable
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Process of evaluating each market segment's attractiveness and selecting one or more segments to enter
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Market Targeting
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Evaluating Market Segments
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Segment size and GrowthSegment structural AttractivenessCompany objectives and resources
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A set of buyers sharing common needs or characteristics that the company decides to serve
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Target Market
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Marketing targeting carried out on what 3 levels?
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undifferentiated - massdifferentiated - segments/separate offersconcentrated - specialization
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Local MarketingIndividual MarketingMicromarketingNiche MarketingSegment MarketingMass Marketing
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Levels of Market Segmentation
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Market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
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Undifferentiated (mass) marketing
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Market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
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Differentiated (segmented) marketing
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Market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
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Concentrated (niche) marketing
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The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
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Micromarketing
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tailoring brands and promotions to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores
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local marketing
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tailoring products and marketing programs to the needs and preferences on individual customers - one to one marketing
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individual marketing
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which factors should you consider when choosing a target strategy?
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company resourcesproduct availabilityproduct stage in life cyclecompetitor's marketing strategies
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The way the product is defined by consumers on important attributes - the place product occupies in consumers' minds relative to competing products
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product position
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an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices
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competitive advantage
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Product attributesbenefitsUsage OccasionsUsersAgainst a CompetitorAway from a CompetitorProduct ClassesCombinations
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Positioning Strategies
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ImportantDistinctiveSuperiorCommunicablePreemptiveAffordableProfitable
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Differences to Promote
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the full positioning of a brand - the full mix of benefits upon which it is positioned
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value proposition
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USP
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Unique Selling Proposition
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1. Competitive Differentiation2. Unique Selling Proposition3. Communicating and Delivering Chosen Position
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Steps to choosing and Implementing a positioning strategy
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Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or a need
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product
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an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
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service
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1. Core Product2. Actual Product3. Augmented Product
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3 levels of products
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consumer productconvenience productshopping productspecialty productunsought productindustrial product
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product classificiations
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a product bought by final consumers for personal consumption
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consumer product
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a consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort
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convenience product
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a consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style
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shopping product
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a consumer product with unique characterisitics or brand identification for which a significant group of buyers is willing to make a special purchase effort
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specialty product
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a consumer product that the consumer either does not know about or knows about but does not normally think of buying
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Unsought product
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a product bought my individuals and organizations for further processing or for use in conducting a business
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industrial product
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the use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society
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social marketing
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qualityfeaturesstyle and design
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product attributes
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important decisions in development and marketing of individual products and services
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product attributesbrandingpackaginglabelingproduct support services
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characteristics of a product or serviece that bear on its ability to satisfy stated or implied customer needs
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product quality
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a name, term, sign, symbol, design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
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brand
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activities of designing and producing the container or wrapper for a product
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packaging
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suggest something about products's benefits and qualitieseasy to pronouncedistinctivetranslateablecapable of legal and registration protection
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brand names
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manufacturer's 4 sponsorship options
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1. manufacturer's brand (national brand)2. private brand3. licensed brand4. co-branding
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differential effect that knowing the brand name has on customer response to the product or its marketing
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brand equity
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attributesbenefitsbeliefs & values
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Brand positioning
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selectionprotection
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brand name selection
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line extensionsbrand extensionsmultibrandsnew brands
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brand development
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WidthLengthDepthConsistency
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Product Mix Decisions
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number of different product lines that a company carries
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width
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total number of items the company carries
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length
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number of versions offered of each product in the line
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depth
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way the various products relate in end use, production requirements, distribution channels, etc
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consistency
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1. intangibility2. inseparability3. variability4. perishability
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4 service characteristics to consider when designing marketing plan
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major characteristic of services - they are produced and consumed at the same time and cannot be separated from their providers
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service inseparability
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major characteristic of services - their quality may vary greatly, depending on who provides them and when, where, and how
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service variability
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major characteristic of services - they cannot be stored for later sale or use
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service perishability
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