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82 Cards in this Set
- Front
- Back
market segmentation
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dividing a market into smaller groups of buyers with distint needs, char., or behaviors who might require separate products or marketing mixes.
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target marketing
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evaluating each market segment's attractiveness adn selecting one or more of the market segments to enter.
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marketing position
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setting the competitive position for the product and creating a detailed marketing mix.
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geographic segmentation
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dividing the mardet into different geographical units such as nations, regions, states, countries...
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demogrpahic segmentation (most popular)
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devides the market into groups based on variables such as age gender family size, income ,occupation, religion, race...
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Age and life cycle segmentation
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offering different products or using different approaches for different age and life cycle goups. ex; for kids, crest fun spinbrush, adult- dentist clean feeling. guard against stereotyping.
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behavioral segmentation
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dividing based on consumer knowledge, attitude, use or response to product
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occasion segmentation
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dividing according to occasion when buyers get the idea to buy...mother's day= flowers
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benefit segmentation
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dividing based on the different benefits that consumers seek from the product. P&G different laundry detergents
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heavy half
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the heavy users are a small percentatge of the market but account for a high % of total consumption
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multivariable segmentation
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geodemographic segmentation
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intermarket segmentation
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form segments of comsumers who have similar needs and buying behavior even though they are located in different countries
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Requirements for effective segmentation
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1. measureable
2. accessible 3. substantial 4. differentiable 5. actionable |
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target market
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set of buyers who share common needs or characteristics that the company decides to serve.
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undifferentiated (mass) marketing
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strategy in which a firm decides to ignore market segment differences adn go after the whole market with one offer
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differentiated marketing
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strategy in which a firm decides to target several market segments and designs separate offers to each
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concentrated (niche) marketing
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strategy in which a firm goes after a large share of one or a few segments, or niches.
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micromarketing
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tailoring products and marketing programs to suit the tastes of specific individuals and locations.
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product's position
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the way the product is defined by consumers on important attributes- the place the product occupies in the consumers mind relative to competing products
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competitive advantage
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advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.
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value proposition
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the full mix of venefits on which the brand is positioned.
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service intangibility
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major characteristics of service... cannot be seen, tasted, felt, heard, or smelled before bought.
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4 major characteristics of services
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1. inseparability
2. variability 3. perishability 4. intangiblity |
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service-profit chain
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links service firm profits with employee and customer satisfaction.
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internal marketing
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service firm must effectively train and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction.
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interactive marketing
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service quality depends heavliy on the quality of teh buyer-seller interaction during the service encounter.
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idea generation
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systematic search for new product ideas
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Test Q- Drop Error
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reject an idea that eventually works ex. xerox copy/printer
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Test Q- Go Error
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accept product when its really not a good idea
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product concept
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detailed version of teh new produt idea stated in meaningful consumer terms.
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marketing strategy development
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designing initial marketing strategy for a new product based on teh product concept
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business analysis
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review of the sales, costs and profit projections for a new product to find out whether these factors satisfy the company's objectives.
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product life cycle
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life of a product, involves: development, intro, growth, maturity, and decline.
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style
fashion fad |
mode of expression
currently accepted style fast fashions, short time |
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introduction stage (test)
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when product is first launched, sales will be slow, profits are negitive
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growth stage (test)
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sales quickly climbing, early buyers continue and new buyers start coming..faces trade off between high market share and high current profit.
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maturity stage (test)
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slaes start to slow down, challenge to marketing management... modifying market to try adn increase the consumption of current product
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decline stage (test)
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sales may go to zero, may remain with brand or reformulate/reposition to get back into growth stage.
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dynamic pricing
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charging different prices depending on individual customers and situations.
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target costing
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pricing that starts with an ideal selling price, then targets costs what will ensure the price is met.
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pure competition
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market consists of many buyers and sellers trading ina uniform commodity such as wheat, copper, or financial securities
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monopolostic competition
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many buyers and sellers who trade over a frange of prices rather than a single market price
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oligopolistic competition
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market consists of a few sellers who are highly sensitive to each other's pricing and marketing strategies.
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pure monopoly
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market consists of one seller.
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demand curve
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surve that shows the number of units the market will buy in a given time period at different prices that might be charged.
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price inelastic
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demand hardly changes/doesnt change with a small change in price.
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price elastic
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big change in demand with small change in price.
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break even pricing (target profit pricing)
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firm tries to determine the price at which it will break even or make the target profit it is seeking.
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value based pricing
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setting price based on buyers perception of value rather than on the sellers cost.
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competition based pricing
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setting prices based on the prices that competitors charge for similar products.
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competition based pricing (going rate pricing)
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setting prices based on the prices that competitors charge for similar products.
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market skimming pricing
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companies invent new products and set high prices to "skim" revenues layer by layer form teh market. ex; sony w/ HDTV
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market penetration pricing
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setting low price for new product in order to attract a large number of buyers and a large market share.
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captive product pricing
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setting a price for products that must be used along with a main product, such as blades for a razor and film for a camera.
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by product pricing
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manufacturer seeks a market for these by products and should accept any price that covers more than the cost of storing and delivering them.
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discount
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straight reduction in price on purchases druing a stated period of time
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allowances
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promotional money paid by manu. to retailers in return for an agreement to feature the manu's products some way.
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segmented pricing
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selling a priduct or service at two or more prices, where the difference is not based on defferences in costs.
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psychological pricing
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considers psychology of prices and not just economics, price used to say something about product.
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promotional pricing
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companies will temporarily price their products below list price to create buying excitement and urgency.
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price fixing
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sellers must set prices without talking to competitors.
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predatory pricing
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selling below cost with intention of punishing a competitor or gain form long run profits by putting competitors out of business
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deceptive pricing
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seller states prices or price savings that meslead comsumers or are not actually available to consumers.
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upstream partner
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from the manu or service provider is the set of frimst hat supply the raw materials, components, parts, info, finances...
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downstream partner
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marketing channels or distribution channels that look forwrd toward the customer.
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marketing channel (distribution channel)
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set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer.
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channel level
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lsyer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer.
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direct marketing channel
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marketing channel that has not intermediary levels
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indirect marketing channel
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channel containing one or more intermediary levels.
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channel conflict
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disagreement among marketing channel members on goals and roles.. who does what for what rewards.
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channel captain
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has power, usually manu, but now retailers have power (walmart)
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conventianal distribution channel
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consisting of one or more independent producers, wholesalers and retailers, each a separate business seeking to max its own profits
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vertical marketing system (VMS)
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channel structure where prod, wholesalers, and retailers act as a unified system.
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franchise organization
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contractual vms in which a channel member, franchiser, links several stages in the prodution.
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horizontal marketing system
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channel arrangement in which two or more companies at one level hoin together to follow a new marketing opportunity (banks now inside grocery store)
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disintermediation
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displacement of traditional resellers from a marketing channel by radical new types of intermediaries.
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marketina logistics (physical distribution)
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planning, implementing and controling the physical flow of materials, final goods, and related info
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supply chain management
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suppliers, company, resellers, customers.
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intermodal transportation
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combining two or more modes of transportation.
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piggyback
fishyback trainship airtruck |
rail and trucks
wter adn trucks water adn rail air and trucks |
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integrated logistics management
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emphasizes teamwork to max the performance of the entire distribution system
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third party logistics provider
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independent logistics provider that performs any or all the functions required to get its client's product to market.
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