chap 6 Flashcards
the two steps in marketing segmentation process
1) Identifying groups with shared needs and characteristics (behavior, demo/geo/psycho
2) Combining these groups into large segments.
Market groups charateristics
Behavioristic
Geographic - where are they
Demographic - who are they, age?
Psychographic - attitude, interest
Two goals of segmentation
- Identify people who are likely to be interested
- Develop a mix of effective messages that the consumers understand.
What are the behavioristic segmentations
- User-status (solo/discount/aware(rejctores/repertoire - users) - Purchase-occasion when buy and use the product/service - Usage-rate use more - volume - Benefit sought high quality, low price, status
What are the geographic segmentsations
- Region
- Country size
- City size
- Zip code
- Types of stores
What are demographic segmentation
sex, age, ethnicity, education, occupation, income, and other quantifiable factors.
Geodemoographic segmentation= Demo and geo together.
Baby boomers
Millennials 2015 was between 18-34 year. 75 million
what is psychographic segmentation
Value, Attitudes, Personality and Lifestyle
View people as individuals with feelings.
Organizational buying behavior
Business markets
- manufactures, government agencies, wholesalers, retailers, bank.
E.g. raw meterial, electronic components
Business purchasing
- business people evaluate new product
- make sale in business market takes time
Industrial classification system
- industrial consmers need different product depending on their business.
What is Market Concentration
Many counties markets for industrial goods are concentrated in one refion or several metropolitan areas.
what does Aggregating Market Segments involves
2 bullets
(1) selecting groups that have a mutual interest in the product’s utility
(whole market and specific market
(2) reorganizing and aggregating (combining) them into larger market segments based on their potential for sales and profit.
(Homogeneous and profit Potential
what is the two bullets of target market process
1) Target market selection
- which offer the greatest profit.
One or more segments
and a secondary target
2) Marketing mix.
- To match product to market.
What are the 4 faces in PLC
- Introduction
- Growth
- Maturering
- Decline
What are the to factors of Product element.
Product Classification
- The way a company classifies its product.
- by markets,
- by the purchasing habits
- by the consumption rate
- by physical attributes.
Product Positioning
- ranks the product in the prospect’s mind.
What are most valuable brands
- Apple
- Microsoft
What are the functions of product packaging
Identification
- Packaging should offer high visibility
Containmen/protection
- Protect and make it easier to use.
Consumer Appeal
- Size color, material and shape.
Economy
