Mktg Chp 8

  1. Market
    People or orgs with needs or wants & the ability & willingness to buy
  2. Market Segment
    Subgroup of ppl or orgs sharing one or more characteristics that cause them to have similar product needs
  3. Market Segmentation
    Process of dividing a market into meaningful, relatively similar & identifiable segments or groups
  4. Segmentation bases
    Characteristics of indiv groups or orgs
  5. Types of Segmentation
    • Benefit
    • Demographic
    • Geographic
    • Geodemographic
    • Psychographic
    • Usage-rate
  6. Family Life Cycle
    Series of stages determined by a combo of age, marital status & the presence of absence of children
  7. 80/20 Principle
    Principle holding that 20% of all customers generate 80% of the demand
  8. Satisficers
    Biz customers who place an order with the first familiar supplier to satisfy product & delivery requirements
  9. Optimizers
    Biz customers who consider numerous suppliers (both familiary & unfamiliar) solicit bids, & study all proposals carefully before selecting one
  10. Target Market
    Grp of ppl or orgs for which an org designs, implements & maintains a mktg mix intended to meet the needs of that grp resulting in mutually satisfying exchanges
  11. Undifferentiated Targeting Strategy
    Market approach that views the market as 1 big market with no indiv. segments & thus uses a single mktg mix
  12. Concentrated Targeting Strategy
    Strategy used to select 1 segment of a market for targeting mktg efforts (aka a market niche)
  13. Multisegment Target Strategy
    chooses 2+ well-defined mkt segments and develops a distrinct mktg mix for each
  14. Types of Targeting Strategies
    • Undifferentiated
    • Concentrated
    • Multisegment
  15. Positioning
    Developing a specific mktg mix to influence potential customers overall perception of a brand, product line or org in general
  16. Repositioning
    Changing consumers' perceptions of a brand in relation to competing brands
  17. What are the bases of positioning?
    • Attribute
    • Price & Quality
    • Use or application
    • Product user
    • Product class
    • Competitor
    • Emotion
  18. One-to-one Marketing
    an individualized mktg method that utilizes customer info to build long-term, personalized and profitable relationships with each customer
Card Set
Mktg Chp 8
Chapter 8, Test 2