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Marketing > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Market

A

A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services

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2
Q

Generic market

A

A market with broadly similar needs - and sellers offering various, often diverse, ways of satisfying those needs

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3
Q

Prodcut Market

A

A market with very similar needs and sellers offering close substitute ways of satisfyign those needs

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4
Q

Segmentation and Targeting

A

Defining generic markets and product-markets

Understanding types of dimensions used to segment markets

Knowing how to identify segments

Deciding what segments to target

Using segmentation approaches

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5
Q

Differentiation and Positioning

A

Understanding customer’s view

Using positioning techniques

Evaluating segment preferences

Differentiating the marketing mix

Knowing the relationship between positioning and targeting

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6
Q

In a generic market, quite different product types will:

A

compete with each other

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7
Q

A generic market doesnt include any ______________

A

product-type terms

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8
Q

Market segmentation

A
  1. Naming broad product-markets
  2. Segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes
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9
Q

Segmenting

A

An aggregating process - clustering people with similar needs into a “market segment”

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10
Q

Market segment

A

A relatively homogeneous group of customers who will respond to a marketing mix in a similar way

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11
Q

A good market segments meet the following criteria:

A
  1. Homogeneous (similar) within - the customers ina market segment should be as similar as possible with respect to their likely responses
  2. Heterogenous (different) between - the customers in different segments should be as different as possible with respect to their likely responses to marketing mix variables and their segmenting dimensions
  3. Substantial - the segment should be big enough to be profitable
  4. Operational - the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables
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12
Q

It is especially important that segments be ___________

A

operational

This leads to markets to include demographic dimensions such as age, sex, income, etc.

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13
Q

3 ways to develop a market-oriented strategy in a broad product market

A
  1. Single target approach - segmenting the market and picking one of the homogeneous segments as the firm’s target market
  2. Multiple target market approach - segmenting the market and choosing two or more segments, and then treating each as a seperate target market needing a different marketing mix
  3. Combined target market approach - combining two or more submarkets into one larger target market as a basis for one strategy
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14
Q

Combiners

A

Try to increase the size of their target markets by combining two or more sgments

Look at various submarkets for similarities rather than differences

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15
Q

Segmenters

A

Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment

Usually fine-tune their market mixes for each target mixes because they want to satisfy each segment very well

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16
Q

Qualifying dimensisons

A

Those relevant to including a customer type in a product-market

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17
Q

Determining dimensions

A

Those that actually affect the customer’s purchase of a specific product or brand in a product-market

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18
Q

Clustering techniques

A

Try to find similar patterns within sets of data

Use computers

19
Q

Customer relationship management (CRM)

A

The seller fine-tunes the marketing effort with information froma detailed customer database

20
Q

Positioning

A

Refers to how customers think about proposed or present brands in a market

21
Q

Positioning maps are based on ______________

A

customers perceptions - the actual characteristics of the products might be different

22
Q

Single Target Approach

A

Meet needs, but only 1 target

23
Q

Multiple Target Approach

A

meet needs of multiple

Costly

24
Q

Combined target approach

A

Open for competition

Only partly meets needs

25
Q

Difference between discretionary and disposable income?

A

Discretionary - income that is left after taxes and necessities

Disposable - left after taxes

26
Q

How is income distributed in the U.S. / how does that affect marketing?

A

The top 1% has most of the income

Appeal to most with value

27
Q

4 key factors that affect the purchase decision

A

Economic needs - (economy of purchase. convenicnce, depdendibility, efficiency, income)

Psychological variables (motivation, perception, learning, attitude, trust)

Social influences (family, social class, reference groups, culture, ethnic groups)

Purchase situation (purchase reason, time, surrondings)

28
Q

Difference betwee need, want, and a drive

A

Need - basic forces that motivate person to do something

wants - needs that are learned during lifetime

drive- an unsatisfied need

29
Q

Perception

A

How we gather and interpret information from the world

30
Q

3 screens people use to manage incoming stimuli

A

selective exposure - we only notice information that interests us

selective perception - we filter or modify information in conflict with previously learned attitudes or beliefs

selective retention - we only remember what we want to remember

31
Q

Learning

A

A change in a person’s thought process caused by prior experience

32
Q

Cue

A

Product, ads that encourage a specific responses to a drive

33
Q

Drive

A

strong stimulus that encourages action

34
Q

response

A

an effort to satisfy a drive

35
Q

response

A

an effort to satisfy a drive

36
Q

reinforcement

A

response followed by satisfaction - strengthens cue and response

37
Q

Difference between attitude and belief

A

Attitude - a persons point of view toward something (like or dislike)

Belief - a persons opinion about something - not action oriented

38
Q

Economic needs

A

Economic buyer theory - concerned with best use of money

depends on amount of money

39
Q

Social influences

A

social class, family life cycle, culture (set of beliefs/do things) ethnic groups

40
Q

Purchase situation

A

reason, urgency, excitement

41
Q

Consumer behavior

A

Effort (extensive, limited, routinized)

42
Q

Adaptation process

A

Accept or reject an idea

factors: awareness

interest

evaluation

trial

decision

confirmation

Dissonance/ opposites

43
Q
A

Marketing (15 decks)

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