Ch. 14 (2) Flashcards
list the first three segments of the marketing environment
global (international trade), technological, social
list the last three segments of the marketing environment
competitive, economic and legal
the consumer market consists of …
all individuals or household that want goods or services for personal consumption or use and have the resources to buy them
the B2B market consists of …
all individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
describe “market segmentation”
dividing the total market into several groups whose members have similar characteristics
define “target marketing”
selecting which groups (market segments) an organization can serve profitably
B2B marketers include …
manufacturers, intermediaries such as retailers, institutions and the government
list the four segments of the customer market
geographic, demographic, psychographic, behavioural
define “geographic segmentation”
dividing the market by geographic area
define “demographic segmentation”
dividing the market by age, income, and education level
define “psychographic segmentation” (3 examples)
dividing the market according to personality or lifestyle (activities, interests, and opinions)
define “behavioural segmentation” (3)
dividing the market based on behaviour with or toward a product - benefit sought, usage rate, user status
in marketing, the 80/20 rule says that …
80% of your business is likely to come from just 20% of your customers
mass marketing means …
developing products and promotions to please large groups of people resulting in little market segmentation
niche marketing is the process of …
finding small but profitable market segments and designing or finding products for them
one-to-one (individual) marketing means …
developing a unique mix of goods and services for each individual customer
product positioning refers to …
the place an offering occupies in a customer’s mind on important attributes relative to a competitive product’s
a positioning statement, which expresses … can be useful with …
how a company wants to be perceived by customers, establishing a product’s position relative to that of its competitors
relationship marketing tends to … and …
lead away from mass production, towards custom-made goods and services
list the five categories of influence on consumer decision making
sociocultural, situational, decision-making process, psychological and marketing mix
Customer Decision Making:
list the five sociocultural influences
reference groups, family, social class, culture and subculture
Customer Decision Making:
list the four situational influences
type of purchase, social surrounding, physical surrounding and pervious experience
Customer Decision Making:
mist the four psychological influences
perception, attitudes, learning and motivation
Customer Decision Making:
list the four marketing mix influences
product, price, place and promotion
