BUS M Midterm 2 Flashcards
Geographic
Region, city or metro size, density, climate
Demographic
Age, gender, family size and life cycle, race, occupation, income
Psychographic
Lifestyle, personality, attitudes, values
Behavioral
Usage situations, benefits
Market Segmentation
The process of grouping customers into relatively homogeneous sets or groups such that customers within a segment are similar to one another in the way they respond to the marketing effort directed toward them. (WHO COULD WE EXCHANGE WITH?)
Target
Selecting a segment (WHO SHOULD WE EXCHANGE WITH?)
Position
It is the act of designing the company’s product offering so that it occupies a distinct and valued place in the target consumers’ minds.
The Unique Selling Proposition
The unique selling proposition (USP) or unique selling point is a marketing concept first proposed as a theory to explain a pattern in successful advertising campaigns of the early 1940s. The USP states that such campaigns made unique propositions to customers that convinced them to switch brands.
Perceptual Mapping
Perceptual mapping is a diagrammatic technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers. Typically the position of a product, product line, brand, or company is displayed relative to their competition.
Gap Analysis
gap analysis is the comparison of actual performance with potential or desired performance. If a company or organization does not make the best use of current resources, or forgoes investment in capital or technology, it may produce or perform below its potential.
Hierarchy of Values
It refers to an ordered list of social values that influence judicial decision-making. Different jurists or legal analysts may order values in different hierarchies, which leads them to decide particular controversies differently. One jurist may value predictability and certainty of expectation very highly and value fine-tuning the result to the equities of the individual case somewhat lower, while another might order these values in the other direction. Accordingly, in a given case one jurist might well reach a result contrary to that which the other jurist reached. A 2002 study group concluded that ““there was no well-developed and authoritative hierarchy of values in international law.”
Marketing Mix Emphasis Functional
Product, Price, and/or Place
Marketing Mix Emphasis Image
Promotion
Marketing Mix Emphasis Experiential
Product and Place (Delivery and Service)
Brand Awareness
Consumers know about the brand
Brand Image
Consumers have a definite impression about the brand
Brand Loyalty
Consumers purchase only their favored brand
Brand Equity
Brand loyalty is transferred to new products
Competitive Angle
A competitive angle has five
facets, dimensions or qualities. These are (1) need to believe, (2) reason to believe, (3) blows away
expectations, (4) quantifiable support, and (5) unique product claim
Product Life Cycle and Profits
Introduction, growth, maturity, and decline. Increases til growth, then it maintains/slightly decreases at maturity, then it declines in profit.
Business Products
Business products are purchased for specific uses in the business—to make other products or to conduct business. Marketers classify business products into three types: materials and parts, capital items, and supplies and services.
Consumer Products
Consumer products are purchased for personal use or consumption, not for business use. Marketers classify four types of consumer products: convenience products, shopping products, specialty products, and unsought products.
Product item, product line, and product mix
A product item, of course, is a specific version of a product, like a Honda Civic. A product line includes closely related product items, competing in the same general product category. A product mix includes all products offered by the company.
