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Marketing > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

What does the STP process consisted of?

A

Segmentation
Targeting
Positioning

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2
Q

T/F- The STP process leads into the marketing mix

A

True

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3
Q

How you or your company responds more effectively to wants of potential buyers in order to increase sales and outfits is known as

A

Purpose

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4
Q

What are the three steps of the STP process?

A

Identify Market Needs
Link needs to actions
Execute marketing program actions

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5
Q

What needs are you identifying in step 1 of the STP process?

A

Product Features
Expense
Quality
Savings in time and convenience

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6
Q

What are the link needs to action in step 2 of the STP process

A

Take steps to segment and target markets

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7
Q

What helps execute marketing program tactics in step 3 of the STP process?

A

The marketing mix:
Product
Price
Promotion
Place

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8
Q

What are the steps to link needs to actions within step 2 of the STP process?

A

1) Group potential buyers into segments
2) Group products to be sold into categories
3) Develop a market-product grid and estimate size of markets
4) Select Target Markets
5) Take marketing actions to reach target markets

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9
Q

1) Group potential buyers into segments
2) Group products to be sold into categories
3) Develop a market-product grid and estimate size of markets
4) Select Target Markets
5) Take marketing actions to reach target markets
The following steps help which step of the STP process?

A

Step 2: Link needs to action

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10
Q

aggregating prospective buyers into groups, or
segments that have common needs and will respond similarly to a marketing action is known as

A

Market Segmentation

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11
Q

Homogenous groups of similar buyers is known as

A

Market Segments

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12
Q

Why is it important to segment markets?

A
  • To respond more effectively to the wants of potential buyers, thereby increase sales and profits
  • Provides links between various buyers needs and marketing program
  • One size fits all no longer applies
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13
Q

What is the criteria that is used in forming the segments?

A
  • Simplicity and cost-effectiveness
    -potential for increased profit
  • similarity of needs of potential buyers within a segment
  • difference of needs of buyers among segments
  • potential of a marketing action to reach a segment
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14
Q

How can you segment consumer markets?

A

Geographic
Demographic
Psychographic
Benefit
Behavioral

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15
Q

How can geographic markets be grouped?

A

Country
Region
Areas within region
- state, city, neighborhood

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16
Q

T/F-Geographic segmentation is most useful for companies whose products satisfy needs that vary by region

A

True

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17
Q

What is the most common way to segment markets?

A

By demographics

18
Q

Segmentation based on identifiable population characteristics is known as

A

Demographic Segmentation

19
Q

Which type of market segmentation involves understanding consumer lifestyles, interests, and options?

A

Psychographic Segmentation

20
Q

Which type of segmentation delves into how they described themselves and is based on characteristics of how they spend their time and money

A

Psychographic Segmentation

21
Q

What type of segmentation is divided based on need/want and segments on the basis of the benefits the consumer is seeking from products such as
Convenience
Status
Value
Safety
Esteem

A

Benefit Segmentation

22
Q

Segmentation based on consumer relationship
with the product or the firm that takes occasion, loyalty, buying stages, and usage rates into account

A

Behavioral Segmentation

23
Q

What term can described the reason for the purchase

A

Occasion

24
Q

What term can the describe the consumer decision making process?

A

Buying Stage

25
Q

The quantity consumed or patronage (store visits) during a specific period is known as

A

Usage Rate

26
Q

Slide 16?

A
27
Q

T/F- A Market Can Be Segmented Based on ANYTHING As Long As It Is Relevant to the Product and Market and Meets the Criteria for Having a Viable Target Market

A

True

28
Q

What are some examples of of the criteria that is used in selecting target markets?

A

Market size
Expected growth
Competitive position
Cost of reaching the segment
Organizational compatibility

29
Q

The marketing strategy that
involves a firm using different marketing mix actions
to help consumers perceive the product as being
different and better than competing products can be described as

A

Product Differentiation

30
Q

What are some examples of product differentiation?

A

Different benefits
Different product features
Difference in quality
Difference in price

31
Q

21-24

A
32
Q

Defining marketing mix variables so target customers have a clear, distinctive understanding of what product does where positioning is in the mind of the consumer. It is also based on important attributes relative to competitive products is known as

A

Product Positioning

33
Q

What are the 4 positioning methods?

A

Value Proposition
Competition
Symbols
Salient Attributes

34
Q

The unique value a product/service provides to consumers is known as

A

Value Position

35
Q

Head-to-head positioning is known as

A

Competition

36
Q

The logs and icons of the brand can be described as

A

Symbols

37
Q

The product attributes most important to target can be described as

A

Salient Attributes

38
Q

Changing the place a product occupies in a consumer’s mind relative to competitive products can be described as

A

Product Repositioning

39
Q

What map displays two
dimensions ad the location of products or brands in the mind of the consumers

A

Perceptual Map

40
Q

What type of map enables managers to how consumers perceive differences and may indicate opportunity for new products is known as

A

Perceptual Map

41
Q
A
42
Q
A

Marketing (31 decks)

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