Chapter 6 Flashcards
Organization you decide to sell
Target market
Differentiate some aspect of marketing
Targeted marketing or differentiated marketing
evolve along with mass product and involves Selling the same product to everybody
Mass marketing or undifferentiated marketing
Is an idea proposed by don pepper and Martha Rogers
One-to-one marketing
Criteria to classify buyers
Segmentation bases
Types of segmentation bases
Behavioral segmentation and demographic segmentation
Divides people and organization ito groups according to how they behave with of action
Behavioral segmentation
Buyers by the benefits they want from product
Benefits segmentation
Determine how you will measure your effort.
ESTABLISH SHORT-TERM MEASURES TO EVALUATE YOUR EFFORTS:
Gather all the information you can about your current customers, including their buying patterns, likes, and dislikes.
IDENTIFY YOUR CUSTOMERS:
Determine who your best customers are in terms of what they spend and will spend in the future, and how easy or difficult they are to serve.
DIFFERENTIATE AMONG YOUR CUSTOMERS
Find ways and media in which to talk to customers about topics they’re interested in and enjoy.
INTERACT WITH YOUR CUSTOMERS, TARGETING YOUR BEST ONES
Try to customize your marketing messages and products in order to give your customers exactly what they want.
CUSTOMIZE YOUR PRODUCTS AND MARKETING MESSAGES TO MEET THEIR NEEDS:
TYPES OF SEGMENTATION BASES
• BEHAVIORAL SEGMENTATION:
• DEMOGRAPHIC SEGMENTATION:
• GEOGRAPHIC SEGMENTATION:
• PSYCHOGRAPHIC SEGMENTATION:
• divides people and organization into groups according to how they behave with or act toward products.
BEHAVIORAL SEGMENTATION
• : segmenting buyers by personal characteristics such as age, income, ethnicity and nationality, education, occupation, religion, social class, and family size.
DEMOGRAPHIC SEGMENTATION
• divides the market into areas based on location and explains why the checkout clerks at stores sometimes ask for your zip code.
GEOGRAPHIC SEGMENTATION:
• Psychographic information is frequently gathered via extensive surveys that ask people about their activities, interests, opinion, attitudes, values, and lifestyles.
PSYCHOGRAPHIC SEGMENTATION:
old brands or products that companies “bring back” for a period of time.
Retro brands
- electronic games sellers create to promote a product or service.
ADVERGAMES
- stages families go through over time and how it affects people’s buying behavior.
FAMILY LIFE CYCLE
- process that takes data such as this and plots it on a map.
GEOCODING
– “neighborhood geography”, combining both demographic and geographic information.
GEODEMOGRAPHICS
(the number of people per square mile) - used for segmentation purposes.
CITY SIZE AND POPULATION DENSITY
interesting new technology firms are using to segment and target buyers geographically within a few hundred feet of their businesses using wireless technology.
PROXIMITY MARKETING -
• : successful, sophisticated, take-charge people with high self-esteem.
INNOVATORS
• : motivated by ideals. They are mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility.
THINKERS
• : motivated by the desire for achievement, have goal-oriented lifestyles and a deep commitment to career and family.
ACHIEVERS
• : - motivated by self-expression. Young, enthusiastic, and impulsive consumers; they quickly become enthusiastic about new possibilities but are equally quick to cool.
EXPERIENCERS
• : motivated by ideals. Conservative, conventional people with concrete beliefs based on traditional, established codes: family, religion, community, and the nation.
BELIEVERS
• : trendy and fun loving. Motivated by achievement; concerned about the opinions and approval of others.
STRIVERS
• : motivated by self-expression. They express themselves and experience the world by working on it.
MAKERS
• : live narrowly focused lives. With few resources with which to cope, they often believe that the world is changing too quickly.
SURVIVORS
- what results when you use both types of information (qualitative & quantitative info).
CONSUMER INSIGHT
• : small companies that have low profit margins and regard the good or service being sold as not being strategically important to their operations.
PRICE-FOCUSED SEGMENT
• composed of firms that want the best possible products and are prepared to pay for them.
QUALITY AND BRAND-FOCUSED SEGMENT:
• : most firms tailor their offerings in one way or another to meet the needs of different segments of customers.
MULTISEGMENT MARKETING
• : targeting a very select group of customers. Can be a risky strategy because companies really do have all their eggs in one basket.
CONCENTRATED MARKETING
: targeting an even more select group of consumers. When engaging in niche marketing, a company’s goal is to be a big fish in a small pond instead of a small fish in a big pond.
Niche marketing
: “narrowcasting”, is a new effort to isolate markets and target them. It involves gathering all kinds of data available on people, everything from their tax and phone records to the catalogs they receive.
Microtargeting
Firms that compete in the global marketplace can use any combination of the segmenting strategies or none at all.
• TARGETING GLOBAL MARKETS:
- how consumers perceive a product relative to the competition.
POSITIONING
- two-dimensional graph that visually shows where your product stands, or should stand, relative to your competitors.
PERCEPTUAL MAP
- a catchphrase designed to sum up the essence of a product.
TAGLINE
- effort to “move” a product to a different place in the minds of consumers.
REPOSITIONING
