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Essentials of Marketing > Module 3 > Flashcards

Module 3 Flashcards

1
Q

a group of potential customers with similar needs who are willing to exchange something of value with sellers

A

market

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2
Q

Is a two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

A

Market Segmentation

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3
Q

This two-step process isn’t well understood.

A

Market Segmentation

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4
Q

this market segmentation efforts often fail because they start with the whole mass market and try to find one or two demographic characteristics to divide up (segment) this market.

A

first-time market segmentation

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5
Q

No one firm can satisfy everyone’s needs.
TRUE OR FALSE

A

TRUE

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6
Q

is a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way.

A

market segment

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7
Q

_____ start with the idea that each person is one of a kind but that it may be possible to aggregate some similar people into a product-market

A

segmenter

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8
Q

More Sophisticated Techniques May Help in Segmenting and Targeting:

A
  • Clustering Techniques
  • Customer Relationship Management (CRM),
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9
Q

________ try to find similar patterns within sets of data.

A

Clustering Techniques

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10
Q

Clustering groups customers who are similar on their segmenting dimensions into _____

A

homogeneous segments

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11
Q

where the seller fine tunes. the marketing effort with information from a detailed customer database.

A

customer relationship management (crm)

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12
Q

Possible Segmenting Dimensions and Typical Breakdowns for Consumer Markets

A

Behavioral, Geographic, Demographic

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13
Q

refers to how customers think about proposed or present brands in a market

A

Positioning

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14
Q

Without a realistic view of how customers think about offerings in the market, it’s hard for the marketing manager to differentiate.
TRUE OR FALSE

A

TRUE

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15
Q

it’s easy for the marketing manager to differentiate even without a realistic view of how customers think about offerings in the market

TRUE OR FALSE

A

FALSE

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16
Q

an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices

A

competitive advantage

17
Q

is the full mix of benefits upon which a brand is positioned

A

value proposition

18
Q

Segmentation and Targeting

A

•Defining markets
•Understanding dimensions to use
•Identifying segments
•Deciding on segments to target
•Using segmentation approaches

19
Q

Differentiation and Positioning

A

•Understanding customer’s view
•Using positioning techniques
•Evaluating segment preferences
•Differentiating the marketing mix
•Knowing relationship between positioning & targeting

20
Q

Select Customers to Serve

A

Segmentation
Targeting

21
Q

Dividing the total market into smaller segment

A

Segmentation

22
Q

Selecting the segment or segments to enter

A

Targeting

23
Q

Decide on a value proposition:

A

Differentiation
Positioning

24
Q

Differentiate the market offering to create superior customer value

A

Differentiation

25
Q

Position the market offering in the minds of target customers

A

Positioning

26
Q

Create value for targeted customers

A

Segmentation
Targeting
Differentiation
Positioning

27
Q

Segmenting is not an aggregating process
TRUE OR FALSE

A

FALSE

28
Q

Too Much Combining Is Risky
TRUE OR FALSE

A

TRUE

29
Q

Segmenters Doesn’t Try to Satisfy “Very Well”
T OR F

A

FALSE

30
Q

Segmenting May Produce Bigger Sales Than Combining
T OR F

A

TRUE

31
Q

Combiners Try to Satisfy “Pretty Well”
T OR F

A

TRUE

32
Q

Profit Is the Balancing Point
T OR F

A

TRUE

33
Q

Needs, benefits sought, rate of use, purchase situation and more

A

Behavioral

34
Q

Country, region, city, size of city, urban/rural

A

Geographic

35
Q

Income, gender, age, marital status, occupation, social class and more

A

Demographic

36
Q

is an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices

A

competitive advantage

37
Q

The process of marketing strategy planning is about

A

narrowing down possible market opportunities to the most attractive ones.

38
Q

Manufacturer, service provider, government agency, wholesaler, etc., are designations used to segment business and organizational markets according to

A

type of customer

39
Q

Which is the first step in market segmentation?

A

naming a broad product-market of interest to the firm.

Essentials of Marketing (8 decks)

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