Midterm 2 Flashcards
Demographic
Age gender family size and life cycle, race, occupation, income
Psychographic
Lifestyle, personality, attitudes, values
Behavioral
Usage situations, benefits
Market Segementation
The process of grouping customers into relatively homogeneous sets or groups such that customers within a segment are similar to one another in the way they respond to the marketing effort directed toward them.
WHO COULD WE EXCHANGE WITH
Target Marketing
Selecting a segment
WHO SHOULD WE EXCHANGE WITH
Market Positioning
The act of designing the company’s product offering so that it occupies a distinct and valued place in the target customer’s minds
Brand Awareness
Customers know about the brand
“yes I know what Apple is”
Brand Image
Consumers have a definite impressionable the the brand.
“I like Apple”
Brand Loyalty
Consumers purchase only their favorite brand
“I only buy the iPhone”
Brand Equity
Brand Loyalty is transferred to new products.
“All my electronics are Apple”
Geographic
Region,city or metro size, density, climate
Reliability
the ability to perform the promised service dependably and accurately. Delivering and performing the right service the first time demonstrates reliability.
Assurance
includes competence, courtesy, credibility, and security. Treating customers with respect, providing knowledgeable information and assistance, and creating a relationship of trust with customers demonstrate assurance.
Tangibles
include appearance of physical facilities, equipment, and personnel. Cleanliness, design, and decor of the premises, appearance of the staff, and appropriate equipment demonstrate tangibles.
Empathy
includes access, communication, and understanding. Listening to customers and seeking to understand customer needs demonstrate empathy.
Responsiveness
helping customers promptly. Returning phone calls quickly, replying to emails promptly, keeping customers informed, and delivering the service on time demonstrate responsiveness.
Advertising
Paid placement of announcements and persuasive messages to inform, gain liking/interest, and/or stimulate action
Sales Promotion
Short-term incentives to encourage trial or increase purchase (Ex. Coupons, Rebates, Samples, Contests, Premiums, Price packs)
Personal Selling
Two-way communication between a buyer and seller designed to influence a purchase decision
Public Relations
Placement of news or media presentations with the deliberate attempt to manage the public’s perception
Direct Marketing
Promotional element that uses direct communication with consumers to generate a response in the form of an order, request for information, or visit to a retail outlet or website. (Ex. Direct Mail, Telemarketing)
Intensive
selling through as many retailers as possible Convenience goods like packaged candy or soda pop are generally good candidates for intensive distribution.
Selective Distribution
selling through a limited number of qualified retailers. Shopping and specialty goods like Stainmaster carpets, home appliances, and perfumes use selective distribution.
Exclusive distribution
selling through only a few retailers. Ferrari, Aston Martin, and Lamborghini, Tiffany & Company, and Bulgari are good examples.
