Marketing Segmentation Class 3 Flashcards
What is Marketing?
An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and stakeholders. (VALUE TO CUSTOMERS)
What is the Customer Relationship Era( CRM)
Organizations seek to enhance customer satisfaction building long-term relationships.
Is marketing and advertising the same?
False
Emerging Mobile Era
Increases and improvements in technology have caused marketing to switch from being constantly “on” to “on demand.” Customers continuously demand new product information through searchable technology that allows consumers to compare different products.
Customer Perceived Value
A customer’s evaluation of the benefits and costs of a marketing offer relative to those of competing offers
The Marketing Mix- “The 4 Ps”:
Product, Pricing, place (distribution), promotion.
What does Marketing Ask?
Who are potential customers?
How big is the market?
How fast is it growing?
Can you group customers(divide the market into segments)?
What is the role of Marketing Research?
Planning, collecting, and analyzing data relevant to marketing decision
What are two types of data?
Primary and Secondary
What is Primary Data?
Information was collected for the first time. (observational study)
What is Secondary Data?
Data previously collected for any purpose other than the one at hand. (newspaper, google,etc)
What are the different Marketing segments used for research?
Geography
Demographics*
Psychographics
Benefits Sought
Usage Rate
Target Market
Designs, implements, and maintains a marketing mix intended to meet the needs of that group resulting in mutually satisfying exchanges.
What is consumer behavior?
Processes a consumer uses to:
make purchase decisions
use and dispose of purchased goods or services
What is included in the Demographic Segmentation?
Age, Gender, Income, Family life cycle
