Marketing 8

The flashcards below were created by user Anonymous on FreezingBlue Flashcards.

  1. Market
    people or organizations with needs or wants, and with the ability and willingness to buy. (a group that lacks any one of these characteristics is NOT a market)
  2. Segmentation Bases (variables)
    characteristics of individuals, groups, or organizations used to divide a total market into segments.
  3. Bases for Segmentation (5)
    • 1) geography
    • 2) demographics
    • 3) psychographics
    • 4) benefits sought
    • 5) usage rate
  4. Geographic Segmentation
    segmenting markets by region of a country or the world, market size, market density, or climate.
  5. Demographic Segmentation
    segmenting markets by age, gender, income, ethnic, background, and family life cycle
  6. Bases for Psychographic Segmentation
    market segmentation on the basis of personality, motives, lifestyles, and geodemographics
  7. Benefit Segmentation
    the process of grouping customers into market segments according to the benefits they seek from the product
  8. Usage-Rate Segmentation
    dividing a market by the amount of product bought or consumed
  9. 80/20 Principle
    a principle holding that 20% of all customers generate 80% of the demand
  10. Target Market
    a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group
  11. Positioning
    developing a specific marketing mix to influence potential customers overall perception of a brank, product line, or organization in general
  12. Positioning Statements (3)
    • 1) by use or application: charmin is soft, dove is for dry skin, crest fights cavities
    • 2) in terms of particular types of users: gatorade for athletes
    • 3) relative to a product class: burger king- grilled instead of McDonald's fried burgers
  13. Repositioning
    changing consumers' perceptions of a brand in relation to competing brands
Card Set
Marketing 8
Marketing 8
Show Answers