Bus. Mktg Flashcards
Is a place where people can come together to exchange goods and services
MARKET
 market is a term used by best people to describe the groups of people or organizations that make up the pool of actual and potential customers of their goods and services. These groups can be classified as geographical, demographic, or associated, psychographic, behavioral, or sectoral.
FROM A BUSINESS STANDPOINT
is a marketing term that refers to grouping, prospective buyers into groups or segments with similar needs and responses to marketing actions.
MARKET SEGMENTATION
Allows businesses to target, different types of consumers who perceive the full value of different products and services differently.
MARKET SEGMENTATION
Enable you to target your content to the right people in the right way, rather than generic message to your entire audience.
MARKET SEGMENTATION
One of the most common types is demographic segmentation. It refers to segmenting audiences based on observable, person-to-person differences. Age, gender, marital status, family size, occupation, education level, income, race, nationality, and religion are examples of these characteristics.
DEMOGRAPHIC SEGMENTATION
You can also segment your market based on consumer behaviors, particularly those related to your product. By segmenting your audience based on the behaviors they exhibit, you can create messaging that caters to those behaviors. Many of the actions you may consider are related to how people interact with your product, website, app, or brand.
BEHAVIORAL SEGMENTATION
Under behavioral segmentation,
Some types of behaviors to look at include: enumerate the 5
1.) Online shopping habits.
2.) actions taken on the website.
3.) benefits sought
4.) Usage rate
5.) Loyalty
which divides your market based on their location, is a simple but effective segmentation strategy. The location of a customer can help you better understand their needs and send out location-specific ads.
GEOGRAPHIC SEGMENTATION
is similar to demographic segmentation, but it focuses on mental and emotional characteristics. These characteristics may not be as obvious as demographics, but they can provide valuable insight into your audience’s motivations, preferences, and needs. Understanding these aspects of your audience can help you create more effective content for them. Personality traits, interests, beliefs, values, attitudes, and lifestyles are examples of psychographic characteristics
PSYCHOGRAPHIC SEGMENTATION
is the process of selecting the target market from among those available
MARKET TARGETING
is a group or groups of buyers to whom the company wishes to satisfy or for whom the product is manufactured, the price is set, promotion efforts are made, and a distribution network is planned.
TARGET MARKET
Procedure of Market Targeting: Market targeting procedure consists of two steps:
1.) EVALUATING MARKET SEGMENTS
*Attractiveness of segment
*Objectives and Resources of Company
2.) SELECTING MATKET SEGMENTS
is a strategic exercise that we use to create a mental image of a brand or product in the minds of consumers
MARKET POSITIONING
7 approaches to positioning strategy of a product
1.) USING PRODUCT CHARACTERISTICS or CUSTOMER BENEFITS
2.) THE PRICE-QUALITY APPROACH
3.) THE USE or APPLICATIONS APPROACH
4.) THE PRODUCT-USER APPROACH
5.) THE PRODUCT- CLASS APPROACH
6.) THE CULTURAL SYMBOL APPROACH
7.) THE COMPETITOR APPROACH
is one that is experiencing steady growth and is usually the economy of a developing country.
emerging market economy
also known as an emerging economy, is one that is transitioning from a pre-industrial to a modern state.
emerging market
provide a significant incentive to drive market progress in order to create more jobs, allowing consumers to spend more.
Low income
The rate at which prices change is referred to as volatility. This phenomenon is frequently observed in the stock market and any potential returns. Natural disasters, price shocks, and domestic policy uncertainty can all contribute to high volatility.
This phenomenon affects currency and commodities as well. Emerging markets aren’t powerful enough to have a genuine impact on these events. This could result in a bear market or a drop in stock prices.
High volatility
Capital is in short supply in emerging markets. For foreign investors, this could be a fantastic opportunity.
High potential returns
High growth increases competition and can result in higher returns for those who engage in international investing, particularly if these parties invest in exports because goods produced at home are more valuable in emerging markets. To be appealing to investors, such an economy must have low debt, a growing labor force, and a stable government. Taking such a monetary risk could result in a larger loss in profits.
Rapid growth
Recognizing the need for a service or product is the first step in the consumer decision-making process. Recognizing a need, whether prompted internally or externally, produces the same result: a desire. Once consumers identify a desire, they must gather information to determine how to fulfill that desire, which leads to step two.
Problem recognition
When researching their options, consumers rely on internal and external factors, as well as previous positive and negative interactions with a product or brand. During the information stage, they may browse options in person or consult online resources such as Google or customer reviews.
Information search
Lower prices, additional product benefits, product availability, or something as personal as color or style options are all examples of alternatives. Your marketing materials should be designed to persuade customers that your product is superior to competitors. Be prepared to overcome objections—for example, know your competitors so you can answer questions and compare benefits during sales calls.
Alternatives evaluation
