Chapter 3 - Developing Lists and Discovering Markets Flashcards
What are the Lists Viewed as Market Segment ?
- Lists identify prospects & current customers who are likely to respond to an offer
- Different types of lists: mailing, telephone, email, magazine, newspaper
- Lists are a perishable commodity
What are three types of lists ?
- House Lists
- Response Lists
- Compiled Lists
What are The List Industry ?
- List users
- List Owners
- List Managers
- List compliers
- List brokers
- Service bureaus
What is Evaluation of Lists ?
Measurement of Results
- Key Codes on promotional pieces;
- Different toll-free numbers;
- Hotline names identified & tracked
Response differences attributable to timing
What is Market Segmentation ?
Market Segmentation is a marketing plan devised to attract and meet the needs of a specific submarket
What is Product Differentiation ?
Product Differentiation is a strategy which attempts to make a clear distinction between products serving the same market segment.
- Is an alternative to price competition
- Can distinguish a product from that of competitors
What is Product Posititoning ?
Product Positioning is a marketing strategy that enables marketers to understand how each consumer perceives a company’s product or service based on important attributes
What are Ways to Position Products ?
- Product quality
- Product size
- Product color
- Distribution method
- Time of day
- Price
What is Sementing Business Markets ?
- A common means of industrial market segmentation is through the Standard Industrial Classification (SIC) coding system.
- The SIC codes serve as a basis for statistical data, used by government, trade associations, and business enterprises.
What is an acronym of NAICS ?
The North American Industry Classification System (NAICS) has replaced the SIC system.
The NAICS has several improvements over the SIC system
What are the Based For Market Segmentation ?
Marketers use five distinct indicators for segmenting markets. These indicators are also known as “bases” for segmenting markets.
What are the five bases for market segmentation ?
Geographic
Demographic
Social
Psychological
Behavioral
What are the examples of Geographic Segmentation ?
- Neighborhood subdivisions, census divisions, Federal Reserve districts, states, countries, trading areas, cities, towns, census tracts, neighborhoods, and even city blocks.
- There are also numerical codes: ZIP codes, telephone area codes, computer “match” codes, territory and route numbers.
- Global Positioning System
- Geographic Information Systems
What is Demographic Segmetation ?
Statistics that describe the consumer population must be
- Identifiable
- Measurable
Examples: age, gender, income, marital status, occupation, education level, etc.
What is Social Factor Segmentation ?
Social factors demonstrate the influence others have on our behaviors
- Beer & Bowling
- Golf & Martinis
