Term
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Definition
| divide the market into segments that are more easily reached (in various ways) |
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Term
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Definition
| choosing one or more segments to market to |
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Term
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Definition
| adjusting the marketing mix to meet the needs of the segment selected |
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Term
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Definition
Geographic
Demographic
Psychographic
Behavior |
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Term
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Definition
2002+
Cyber Generation
911 Generation
always had the internet
always been a fear of terrorism |
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Term
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Definition
1977-2002
baby boomlet
71 million |
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Term
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Definition
1965-1976
slackers
busters
46 million
cynical attitude toward marketing: "I am not a target market" |
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Term
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Definition
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Term
| VALS (values and lifestyles) |
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Definition
8 segments based on questionnaire
two dimensions
- primary motivation
- resources |
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Term
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Definition
66 segments based on neighborhoods
descriptive names |
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Term
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Definition
- occasions (holidays, time of day)
- benefits sought (toothpaste)
- user status and usage
- loyalty |
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Term
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Definition
- measurable
- accessible
- substantial
- differentiable
- actionable |
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Term
| How to Decide Where to Position |
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Definition
- brand personalities
- perceptual maps as a tool |
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Term
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Definition
- new market
- first to develop and market a working product
- expensive, risky, rewarding
- likely to: have higher market share; survive long; be market leaders |
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Term
| Sources of Pioneer Advantage |
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Definition
product-based
- economies of scale
- learning
- tech leadership
- access to scarce resources
consumer-based
- satisfied use leads to trust
- pioneer influences how evaluations are made
- pioneer carves out most profitable segment
- pioneer can create high switching costs for consumers |
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Term
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Definition
- competitors can copy technology at lower cost
- competitors can use superior technology to leap-frog
- best product may only be apparent after entry of first product |
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Term
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Definition
- management is responsible
- railroads - transportation business
- movies - entertainment business |
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Term
| Cause of Marketing Myopia |
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Definition
- belief that growth will come from expanding population
- belief that there is no competitive substitute for the product
- too much faith in declining unit costs
- preoccupation with product: improvement and cost reduction |
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Term
| Advantages to Personal Selling |
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Definition
- intimate
- can better explain complex products and services
- develop relationship with customers
- marketing research |
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Term
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Definition
1. prospecting and qualifying
2. pre-approach (previous call information and call objective)
3. approach the prospect
4. sales presentation/demonstration
5. handling objections
6. the close
7. the follow-up |
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Term
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Definition
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Term
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Definition
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Term
| Where Do Prospects Come From |
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Definition
- contact/prospecting groups
- networking and referrals
- public info |
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Term
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Definition
- outgoing and independent
- motivation: money, success, helping people
- importance of listening
- professional: not hard-sell; dress; mannerisms; timely |
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Term
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Definition
Territory
- geography
- product or product line
- specialization on customer type
compensation
- all commission
- straight salary
- mixed salary/ commission or bonus |
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