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48 Cards in this Set
- Front
- Back
the process of dividing a total market into groups of consumers who have similar needs and who respond similarly to marketing mix variables
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marketing segmentation
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market segmentation allows firms to:
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-take into account cusomer's diverse needs and differing behaviors
-design their marketing mix to be closely matched to consumer needs -improve the efficiency and effectiveness of their resource allocation |
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do not segment if:
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-the market is too small
-the market potential is largely untapped. -consumer preferences are fairly homogeneous |
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stimulate primary demand by:
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-targeting new users
-increasing usage among current users -expanding usage situations |
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the process of evaluating each market segment's attractiveness and selecting one or more segments to either
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market targeting
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actually differentiating the firm's market offering to create superior customer value
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differentation
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arranging for a product 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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dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods
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geographic segmentation
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dividing a market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
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demographic segmentation
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dividing a market into different age and life cycle groups
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age and life cycle segmentation
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dividing a market into different groups based on social class, lifestyle, or personality characteristics
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psychographic segmentation
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dividing a market into groups based on consumer knowledge, attitude, use, or response to a product
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behavior segmentation
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marketing strategy used to increase demand for the product category
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primary demand stimulation
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marketing strategy used to increase demand for one organization's product or services over those of competitors
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selective demand stimulation
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what is the most important variable for market segmentation
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usage pattern
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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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a 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 marketing
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a market coverage strategy in which a firm decides to target several market segments and designs separate offers for each
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differentiated marketing
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a 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 marketing
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the practice of tailoring products and market programs to the needs and wants of specific individuals and local customer groups- includes local marketing and individual marketing
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micromarketing
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tailoring brands and promotions to the needs and wants of local customer groups-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 of individual customers - also labled markets of one marketing, customized marketing, and one to one marketing
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idividual marketing
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the act of framing the company's image and offer in the target consumer's minds, so it occupies a distinct and valued place in relation to the competition
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positioning
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the process of information gathering, analysis and interpretation that aims helping management understanding the environment, identify problems and opportunities, and develop / evaluate courses of marketing action
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marketing research
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the framework for day-to-day management and structuring of information gathered regularly from internal and external sources
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marketing information systems
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marketing research to gather preliminary information that will help define problems and suggest hypotheses
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exploratory research
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marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers
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descriptive research
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marketing research to test hypotheses about cause-and-effect relationships
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casual research
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information that already exists somewhere, having been collected for another purpose
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secondary data
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information collected for the specific purpose at hand
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primary data
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what are 3 criteria for evaluating research designs?
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validity, reliability, and representativeness
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explain levels of a product - the "onion" model
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core product - core benefit proposition
physical product - tangible attributes and features augmented product - enhancements |
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product bought by final consumer for personal consumption
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consumer product
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product sought by individuals and organizations for further processing or for use in conducting a business
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industrial product
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consumer good that the customer in the process of selection and purchase characteristically compares on such bases as suitability, quality, price, and style
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shopping product
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consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
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specialyty product
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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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consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort
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convenience product
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the characteristics of a product or service 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, or 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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the activities of designing and producing the container or wrapper for a product
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packaging
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a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
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product line
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adding products that are higher or lower priced than the existing line
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line stretching
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adding more items within the present price range
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line filling
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the set of all product lines and items that a particular seller offers for sale
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product mix
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number of different product lines carried by a company
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marketing mix width
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number of different versions of each product in a product line
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product mix depth
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how closely related various product lines are in end use, production requierments, distribution channels
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product mix consistency
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