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TECHNO > Module 4 > Flashcards

Module 4 Flashcards

1
Q

It refers to a set up where potential buyers and sellers can meet to exchange goods or services.

A

Market

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2
Q

It is a a medium that facilitates these transactions in an economy.

A

Market

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3
Q

It allows for the exchange of goods, services, information under the protection of the law and generally in exchange for consideration.

A

Market

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4
Q

It is about finding the right target audience or the potential buyers.

A

Market Identification

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5
Q

Its process typically includes market research and analysis to gather information about the target audience’s characteristics, needs, preferences and behaviors.

A

Market Identification

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6
Q

After identifying your market, the first stage in the market identification is the __________________.

A

Market segmentation

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7
Q

It is an entrepreneurial marketing strategy designed primarily to divide the market into small segments with distinct needs, characteristics, or behavior.

A

Market segmentation

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8
Q

Four methods for market segmentation

A
  1. Geographic segmentation
  2. Demographic segmentation
  3. Psychological segmentation
  4. Behavioral segmentation
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9
Q

In this segmentation, the total market is divided according to geographical locations like provincial regions, cities, provinces, municipalities and even barangay units.

A

Geographic segmentation

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10
Q

In geographic segmentation, the following variables must be considered:

A
  1. Climate
  2. Dominant ethnic group
  3. Culture
  4. Density
  5. Classification of Geographical unit
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11
Q

In this segmentation, the market is divided based on the demographic variables of the consumers like gender, age, income, occupation, education, religion, ethnic group, and family size.

A

Demographic segmentation

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12
Q

In this segmentation, the market is divided in terms of what the customers think and believe that is the needs and wants, attitude, social class, personality traits, knowledge and awareness, brand concept, and lifestyle

A

Psychological segmentation

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13
Q

In this segmentation, the market is divided based on the following variables; perceptions, knowledge, reactions, benefits, loyalty, responses.

A

Behavioral segmentation

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14
Q

It is the next step after segmentation.

A

Profiling

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15
Q

It is the act of describing the identified segments.

A

Profiling

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16
Q

This is needed so that the entrepreneur can identify which one has the biggest market size and which ones’ needs can be satisfied by the business.

A

Profiling

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17
Q

Important Factors in Segmenting the Market:

A
  1. Accessibility
  2. Size
  3. Distinction
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18
Q

It is the next step after market identification.

A

Market Targeting

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19
Q

It aims to determine the set of buyers with common needs and characteristics.

A

Market targeting

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20
Q

Important Factors in Market Segment Evaluation:

A
  1. Size of the segment and its expected growth
  2. Existing and probable structure of the segment
  3. Capability of the business
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21
Q

It is an organized list of your business’s greatest strengths, weaknesses, opportunities, and threats.

A

SWOT Analysis

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22
Q

It acts like a map, providing practical insights to help you reach your goals.

A

SWOT Analysis

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23
Q

It shows where you stand compared to others so that you can plan smarter campaigns.

A

SWOT Analysis

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24
Q

Enumerate the Market Targeting Strategies

A
  1. Individual or One-on-One Marketing
  2. Differentiated Marketing
  3. Concentrated Marketing/Niche Marketing
  4. Mass or Undifferentiated Marketing
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25
In this strategy, the business provides a product that is suited or fitted to a particular need of the consumers.
Individual or One-on-one Marketing
26
It is based on the concept that the consumers have different needs and wants.
Individual or One-on-one Marketing
27
What market targeting strategies can be used for Tailoring shops and Furniture manufacturers?
Individual or One-on-one Marketing
28
In this marketing strategy, the entrepreneur covers several segments of the total market and designs a particular product for each segment based on the market segment evaluation and the capability of the business.
Differentiated Marketing
29
What market targeting strategies can be used for NIKE company?
Differentiated Marketing
30
In this strategy, the business selects only a few segments but intends to serve a large number of customers in the chosen segment.
Concentrated/Niche Marketing
31
What market targeting strategy can be used for Luxury Fashion Brand and Fitness Technology Company?
Concentrated/Niche Marketing
32
This strategy takes into consideration the fact that the customers have common needs and wants.
Mass or Undifferentiated Marketing
33
What marketing strategy can be used for IKEA?
Mass or Undifferentiated Marketing
34
It refers to the process of arranging a product to occupy a clear, distinct, and desirable place in relation to other competing products in the mindset of target consumers.
Market positioning
35
It is a strategic process that marketers use to determine the place or "niche' an offering should occupy in a given market, relative to other customer alternatives.
Positioning
36
When you position a product or service, you answer these questions:
1. Place 2. Rank 3. Attitude 4. Outcomes
37
It is what gives you a competitive advantage in your market
Product differentiation
38
It is what makes your product or service stand out to your target audience.
Product differentiation
39
Characteristics of a Product
1. Deep 2. Intelligent 3. Complete 4. Empowering 5. Elegant
40
It is a characteristics of a product where it has lots of features because you've anticipated what people need as they come up the power curve
Deep
41
It is a characteristics of a product where it reflects your insights on how to ease people's pain or increase their pleasure.
Intelligent
42
It is a characteristics of a product where it embodies everything a customer needs, such as support, documentation, and enhancements.
Complete
43
It is a characteristics of a product where it makes people better. Great stuff doesn't fight you - it becomes one with you.
Empowering
44
It is a characteristics of a product where it is not just functional; it's also well designed so that people can use it easily and quickly.
Elegant
45
Criteria in Identifying the Attributes or Benefits to be Promoted
1. Identifiable 2. Beneficial 3. Distinctive Advantage 4. Efficient and Rewarding
46
It is a criteria where the benefit is easily associated with the product.
Identifiable
47
It is a criteria where the attribute provides valuable benefits to the target consumers.
Beneficial
48
It is a criteria where the attribute is distinct to the product and can hardly be copied by the competitors.
Distinctive advantage
49
It is a criteria where the cost in attaching the attribute to the product is not higher than the expected profit.
Efficient and Rewarding
50
Two basic dimensions to consider in deciding the market position.
Price and Quality
51
Benefits of Target Market Identification
1. More effective marketing mix. 2. Helps you choose the right marketing channels. 3. Uses limited time, money, and resources more efficiently 4. Maximizes sales and profits.
52
Five Ps of Marketing Mix
1. Product 2. Price 3. Place 4. Promotion 5. People
53
It is a process of using scientific investigative and problem-solving techniques to gain insights into the market condition.
Market Analysis
54
It provides information about industries, customers, competitors, and other market variables.
Market Analysis
55
It is the process of gathering information and analyzing many facets of a specific market to gain an understanding of itis characteristics, trends, target audience, and competition.
Market Analysis
56
It is a large part of market research and an important component of a business plan
Market Analysis
57
A market analysis can be carried out using various methods of data collection. A distinction is made between:
1. Primary Research 2. Secondary Research
58
With ______________, experts from a target market are interviewed in order to collect new data.
Primary Research
59
The advantage of this is that it is still your own research purpose in focus. This way, you can collect the data you need for your market analysis.
Primary research
60
This uses existing data records from previous surveys. This can be collected both internally and externally.
Secondary Research
61
By opting for ____________________ you can save both time and money because you don't have to conduct costly interviews and evaluation.
secondary research

TECHNO (4 decks)

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