Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MARK 3000 > MARK 3000 Chapter 9 > Flashcards

MARK 3000 Chapter 9 Flashcards

1
Q

what is segmentation?

A

identifying and serving homogenous groups of people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what are segments?

A

naturally existing groups of consumers with similar needs/wants and responses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is the target market?

A

the segment the firm chooses to serve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what are the 5 Steps of STP?

A
  1. establish the strategy or objectives
  2. use segmentation method to understand the customer profiles
  3. evaluate the attractiveness of each segment
  4. select the target market
  5. develop a positioning strategy
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what is geographic segmentation?

A

based on where people live (can be super broad like continents or more focused)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what is demographic segmentation?

A

based on easily measured characteristics like age, gender, income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what is psychographic segmentation?

A

based on how customers spend their time and money and how they feel about the world

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is derived from the mission statement and current state?

A

step 1: strategy and objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what are the segmentation methods?

A

geographic, demographic, psychographic, benefits and behavioral

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is the most common segmentation strategy?

A

demographic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is benefit segmentation?

A

grouping based on the benefits they get from buying a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what is behavioral segmentation?

A

grouping based on how customers use the product (occasion or loyalty)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is occasional segmentation?

A

when/how often is a product purchased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what is loyalty segmentation?

A

strategy of investing in loyalty to retain the firm’s repeating customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

do firms just one method of segmentation?

A

NO! each method has pros and cons so using a mixture allows you to get the best segments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what is geo graphic segmentation?

A

method of segmentation based on geographic, demographic and lifestyle characteristics

17
Q

what is tapestry segmentation?

A

common type of geo graphic segmentation that classify all US neighborhoods in 65 distinctive segments based on zip code

18
Q

how do you evaluate segment attractiveness?

A

-identify
-substantial
-reachable
-responsive
-profitable

19
Q

what questions do you ask to determine if the segment is identifiable?

A

who is the market?
are the segments unique?
does each segment require a unique marketing mix?

20
Q

when is the segment reachable?

A

can you reach consumers so they:
know the product exists
understand what it can do
recognize how you buy it

21
Q

when is the segment substantial?

A

too small and its buying power is insignificant, and therefore unlikely to be profitable

22
Q

when are segments responsive?

A

when customers must:
moves towards the firms products/services
be willing to value the firms value proposition

23
Q

what makes the segment profitable?

A

segment size, segment adoption, fixed costs

24
Q

what are the methods to select a target market?

A

-undifferentiated/mass marketing
-differentiated
-concentrated
-one-on-one/micromarketing

25
Q

what is undifferentiated/mass marketing?

A

the same strategy is used for everyone (salt and sugar)

26
Q

what is differentiated method?

A

a firm will target SEVERAL markets with a DIFFERENT offering for EACH ONE

27
Q

what is concentrated method?

A

a SINGLE target is picked
niche marketing

28
Q

what is one-one-one marketing/micromarketing?

A

a product is tailored to suit INDIVIDUAL needs (anything customizable)

29
Q

which method increases loyalty?

A

one-to-one/micromarketing

30
Q

what is cannibalization?

A

when new products cut into sales of an old product (iPhone taking over the iPod market)

31
Q

what is value proposition?

A

communicates the benefit customers receive from a product and why they’d want to buy it

32
Q

what is the IDEAL positioning strategy?

A

your product overlaps with customers needs but does NOT overlap with what competitor is offering

33
Q

what are the positioning methods?

A

-by showing why its worth buying
-show the important attributes this product has that appeals to the market
-brand recognition
-show how your product is better than anything else on the market

34
Q

what is perceptual mapping ?

A

displays the relative positions of products on an axis that has two or more dimensions

35
Q

what is the ideal point?

A

the point at which you want the product to lie on a perceptual map

MARK 3000 (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions