Mkt.Test 2

a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs.

• a market wtih broadly similar needs, and sellers offerin various often diverse (broad) ways of satisfying those needs.
• sellers focus on the needs of the customers being met, not on their product being better than the other producers.

a market with very simiar needs and sellers offering various close substitute ways of satisfying those needs.

• What: Product type
• TO meet what: customer needs
• for whom: customer types
• where: geographic area

because people make markets. specific definition can be clumsy.

• describes the oods and or services that customers want
• can be a good or a service

the needs the product type satisfies for the customer.

the final consumer or user of a product type

where consumers plan to compete .

• NOT product type
• to meet what: customer need
• for whom: customer types
• where: geographic area

• 1. naming broad product-markets
• 2. segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

an aggretating process - clustering people with similar needs into a "market segment"

a relatively homogeneous group of customers who will respond to a marketing mix in a similar way

similar responses to marketing mixes

customers in different segments should be as different as possible when it comes to their responses to marketing mixes.

segment should be big enough to make a profit.

segmenting dimensions should be useful for identifying customers and deciding marketing mix variables.

• segmenting the market and picking one of the homogeneous segments as the firms target market
• "segmenters"

• segmenting the market and choosing two or more segments, and then treating each as as seperate target market needeing a different marketing mix
• "segmenters"

• combining two or more submarkets into one larger target market as a basis for one strategy.
• "combiners"

• look at similarities rather than differencs when making target markets.
• they increase the size of their target markets by combining two or more segments.

• aim at one or more hoogeneous segments and try to develop a different marketing mix for each.
• focuses on target markets needs and how to meed those specifically.

those relevant to including a customer type in a product-market

those that actually affect the customer's purchase of a specific product or brand in a product-market

how a customer thinks about proposed or present brands in a merket.

the toal market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.

it does not include the earning by foreigners who own resources in that nation.

number of babies born with 1000 people.

• an integrated economic and social unit with a large population nucleus.
• usually an urbanized are of 50,000 or more.

income that is adjusted to take out the effects of inflation on purchasing power.

what is left after taxes

what is left of disposable income after paying for necessities.

people who know all the facts and logically compare choices toget the greatest satisfaction from spending their time an dmoney.

concerned with making the best use of a consumer's time and money - as the consumer judges it.

• the basic forces that motivate a person to do something.
• more basic than wants.

food, clothing, shelter...

belonging and affection

knowledge or self expression.

• object that satisfy a need.
• people grow to learn their wants...for example, the wanting of a specific brand.

human wants backed by buying power (what can i afford to buy?)

• a strong stimulus that encourages action to reduce a need.
• they are internal.

• (Top to bottom)
• personal needs
• social needs
• safety needs
• physiological needs (food water rest sex)

our eyes and minds seek out and notice information that interests us.

we screen out or modify ideas messags and information that conflict with previously learned attitudes and beliefs.

we remember only what we want to remember.

• the analysis of a person's day-to-day parern of living.
• Activities Interest Opinion (AIO's)

the whole set of believes, attitudes and ways of doing things of a reasonably homogenious oset of people

the people around you who may influence your actions

• society's relatively permanent and ordered divisions whose members share similar, values, interests and behaviors.
• upper upper, lower upper, middle class, working class, lower upper, lower lower
• determined by factors such as occpation, income, welath, education and neighborhoods.

groups whose value structures and standards influence a person's behaviors.

family, close friends, coworkers

organizations, groups that you are a part of (church)

• groups that we aspire to be a part of
• atheltes, entertainers...

groups that we don't want to be associated with.

when they put much effort into deciding how to satisfy a need...

used by consumers when some effort is required in deciding the best way to satisfy a need

when he or she regularly selects a particular way of satisfying a need when it occurs.

a feeling of uncertainty about whether the right decision was made.

• steps individuals go through on the way to accepting or rejecting a new idea.
• awareness, interest, evaluation, trial, decision and confirmation

problem recognition, information search, evaluate alternatives, purchse decision, purchase act, post purchase evaluation.

• age and life cycle stage
• occupation
• economic situation
• lifestyle
• personality and self concept

motivation, learning, believes and attitudes, perception

process by which people select, organize, and interpret information

a consumer oriented, integrated and goal oriented philosophy.

four P's