Term
True or False:
Generational segmentation means you will be seeing iPhones, images of 9.11, and President Obama in ads when you are 50 and 70 and 90 years old. |
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Definition
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Term
| What is a Consumer Market? |
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Definition
| Made up of individuals and groups who purchase products to use them, not to make a profit. |
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Term
| What is the difference between a differentiated marketing strategy and concentrated marketing strategy? |
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Definition
| Concentrated marketing strategy utilizes a single version of the marketing mix and differentiated marketing strategy utilizes multiple versions of the marketing mix. |
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Term
| Segmentation is a part of the _____________ phase of the strategic marketing framework. |
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Definition
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Term
True or False:
The advantage of using external segmentation variables is that they are inexpensive, quick and easy to operationalize. |
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Definition
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Term
True or False:
The advantage of using internal segmentation characteristics are that they are more highly correlated with market place behavior |
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Definition
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Term
| We should spend most of our money on what type of user? |
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Definition
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Term
| What are the importance of Baby boomers? |
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Definition
Size
Self Absorption
Challenged Established Norms
Grew up on TV
Marketing's Fascination with youth |
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Term
| What are the importance of Millenials? |
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Definition
Size
Boomers groomed them
Grew up with internet other technology
Antiboomers?
Marketing's fascination with youth
Changes trends in marketplace with barrier testing behavior |
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Term
| What is the size of Baby boomers? |
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Definition
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Term
| What is the size of Millenials? |
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Definition
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Term
| What is associated with Millenials in the work place? |
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Definition
Sense of entitlement
Expect instant gratification
View that jobs don't define a person
Multitasking behaviors dominate |
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Term
| What are some values of a 20-something year old? |
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Definition
-Their career goals are strongly influenced by desire to be independent from supervisors
-Desire to be promoted as much/ accrue as much wealth as possible
-Having a child is an experience every woman should have [1925- 45%, 2000-68%] |
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Term
| What is there more of a focus on now a days? |
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Definition
Children and Family.
Kids are taken on trips and to eat out. Dads attend child births |
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Term
| What does globalism involve? |
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Definition
E-mail
Text/Instant Messaging
Myspace
Facebook
500 Digital Channels
iPods
Palm Pilots
Blackberries
Penpals
Globally connected 24/7 |
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Term
| What is involved with the scheduled/structured lives of milenials? |
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Definition
Parents and teachers micromanaged their schedules [lessons, camps, clubs]
Parents shuttle them from one activity to the next [soccer moms]
online calendars
children carrying daytimers |
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Term
| What are some points in the Ted talk about media? |
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Definition
Level PLaying field
Costs Nothing
Should be genuine
You no longer control the message-and that's ok. |
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Term
| What are the two types of Markets? |
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Definition
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Term
| What is a consumer market? |
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Definition
| It is individuals and groups who purchase to use, not make a profit |
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Term
| What is a Business market? |
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Definition
They purchase for resale
There is direct use in producing other products
or
there are generally daily operations |
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Term
| Through what does the 2 markets fit into market? |
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Definition
| Through the Strategic Marketing Framework |
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Term
| What is the first step in Market selection? |
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Definition
| Indentifying appropriate target strategies |
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Term
| What are the three different targeting strategies? |
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Definition
Undifferentiated
Concentrated
Differentiated |
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Term
| What is a undifferentiated targeting strategy? |
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Definition
It has:
One markeitng mix
Homogenous market |
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Term
| What is a concentrated targeting strategy? |
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Definition
It has:
Single marketing mix
Multiple segments |
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Term
| What is a differentiated targeting strategy? |
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Definition
It has:
Multiple marketing mixes
Multiple segments |
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Term
| What is the key to marketing? |
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Definition
| Establishing an emotional link |
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Term
| What are the basis for Marketing? |
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Definition
External Characteristics
Internal Characteristics
Product-related Characteristics |
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Term
| What is included in external Characteristics? |
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Definition
FGeographics
Demographics
Economics
Social class
Culture
Religion |
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Term
| What is included in Internal Characteristics? |
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Definition
Lifestyle
Motivations
Needs
Personality
Attitudes
Perceptions
Stages in buying process |
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Term
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Definition
Activities
Interests
Opinions |
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Term
| What is involved in Product Related Characteristics? |
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Definition
Usage Rate
Brand loyalty
Benefits sought
Purchasing habits
Ocassion |
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Term
| How many usage rates are there and what are they? |
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Definition
3
Heavy user
Light user
Non-user |
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Term
| What are the 5 requirements for successful segmentation? |
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Definition
1.Existence of consumer response differences
2.Identify and measure individuals withing segments
3.Segments must be accessible
4.Profitable
5.Response clarity |
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Term
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Definition
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Term
| What are the management requirements? |
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Definition
The 5 requirements
Product homogeneity/ Heterogeneity
Competition
Stage in PLC
Company resources |
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Term
| What is the likelihood of undifferentiated target strategy? |
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Definition
| There is little likelihood that a pure undifferentiated target strategy exists because it involves no segmentation |
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Term
| Once any of the 4 P's are altered, what happens? |
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Definition
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Term
| Whta are the benefits of segmentation? |
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Definition
Efficiency
Effectiveness
Provides more customized marketing to satisfy customer needs
Identifies and satisfies specific benefits sought by the particular group
Select more precisely which markets to service
Be more efficient with marketing resources |
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Term
| What are the limitations of segmentation? |
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Definition
Costly
Alienates
Market leaders/first
It limits mass production which offers economies of scale
Limits standardization which increases delivery speed and efficiency |
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Term
| What is the biggest problem of all the limitation involved with segmentation? |
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Definition
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Term
| What is contained in the Strategic Marketing Framework? |
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Definition
Market Analysis -->
Market Selection -->
Marketing Mix -->
Customer Aquisition or Customer Loyalty and Retention |
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Term
| What are the 5 steps in market selection? |
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Definition
1. Identify appropriate targeting strategy
2. determine which segment variables to use
3. develop market segment profiles
4. evaluate relevant market segments
5. Select specific target markets |
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Term
| What is Market Segmentation? |
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Definition
| Dividing a total market into group or segments that consist of people and organizations with relatively similar product needs |
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Term
| What variables are used in step 2- Determining which segmentation variables to use |
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Definition
| Characteristics of groups, individuals or organizations used to divide a market into segments |
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Term
| What characteristics are looked at in step 2,determine which segment variables to use, for a Consumer market? |
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Definition
Demographics
Geographics
Psychographics
Behavioristics |
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Term
| What characteristics are looked at in step 2,determine which segment variables to use, for a Business market? |
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Definition
Geographic location
Type of organization
customer size
product use |
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Term
| What do segment profiles from step 3- develop market segment profiles, do? |
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Definition
Describe similarities among potential customers within a segment
Explain the differences among the people and organizations in different segments |
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Term
| How do segment profiles help marketers? |
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Definition
| They help determine which segments are most attractive to the organization |
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Term
| What happens in step 4- evaluate relevant market segments |
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Definition
| You determine which segments will work for the company |
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Term
| How do you determine which segments will work for the company? |
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Definition
Look at Sales estimates
Competitive Assessment
Cost estimates |
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Term
| What two potentials are involved with sales estimates? |
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Definition
Market potential
and
Company sales potential |
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Term
| What is market potential? |
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Definition
| The total amount of a product that customers will purchase within a specified period at a specific level of industry wide marketing activity |
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Term
| What is company sales potential? |
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Definition
| The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific period |
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Term
| What questions are asked when you look at competitive assessment? |
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Definition
How many competitors exist?
What are their strengths and weaknesses?
Do several have major market share?
Do several dominate the market?
Can our company compete?
Will there be new competitors entering the market? |
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Term
| What is considered with cost estimate |
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Definition
Developing a marketing mix for a new segment is expensive.
Sometimes the cost is so high that the segment is considered inaccessible. |
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Term
| What happens in step 5-Select Specific Target Markets |
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Definition
| Make decisions/engage in activities designed to create a certain perception of then product in the customer's mind |
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Term
True or False:
The evolutions of supermarket reflect societal and technical changes. |
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Definition
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Term
| Costco or Sam’s where products are sold in bulks are called |
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Definition
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Term
| As shown in the video, supermarkets have evolved much with the help of technology. The most widely used technology in supermarket is |
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Definition
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Term
| The shopping cart invented in 1930’s by Sylvan Goldman was designed from his inspiration from a |
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Definition
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Term
| Supermarkets pay a great deal of attention to which of the following components? |
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Definition
Music
Smell (ex. Bakery)
Lighting
Color |
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Term
| Where did supermarkets originate from and what convenience did they have? |
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Definition
| The US and they had the convenience of parking lots |
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Term
| What is there on board for drivers of food product trucks? |
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Definition
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Term
| What was the first supermarket? |
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Definition
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Term
| What is UPC represented by? |
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Definition
| Numbers represented by lines and spaces |
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Term
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Definition
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Term
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Definition
| Put products on promotion |
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Term
| What are the goals of Consumer Behavior? |
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Definition
to find likes/dislikes
why you buy
etc |
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Term
| What is a good markeitng tactic? |
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Definition
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Term
| What is a bad marketing tactic? |
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Definition
| Making something and telling them to buy it. |
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Term
| What does Consumer Behavior include? |
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Definition
Psychology
Sociology
Social Psychology
Economics
Demography
Anthropology |
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Term
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Definition
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Term
| What is Social Psychology? |
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Definition
| What effect the group has on choices |
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Term
| What is anthropology and how do they use it in terms of Marketing? |
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Definition
It is the study of man.
Used to get an idea of where we're going |
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Term
| What makes up Classical Conditioning? |
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Definition
| A conditioned Stimulus > Unconditioned Stimulus > Response |
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Term
What type of conditioning is:
Conditioned stimulus> unconditioned stimulus> response |
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Definition
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Term
| Classical conditioning in terms of marketing |
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Definition
| Verbal/Graphic description of product> actual product> salivate/awareness/interest/knowledge/attitudes/preferences/behavior |
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Term
| What makes up Instrumental Conditioning? |
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Definition
| Conditioned Response> Conditioning Stimulus |
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Term
| Conditioned Response> Conditioning Stimulus |
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Definition
| Instrumental Conditioning |
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Term
What type of conditioning is this an example of:
Training your dog> Dog Bone |
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Definition
| Instrumental Conditioning |
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Term
Which conditioning is this an example of?
Bell> Food > Salivate |
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Definition
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Term
| What is service Learning? |
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Definition
We learn things that are mentioned first and last.
The primacy and recency effect |
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Term
| Which effect takes place in Service Learning? |
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Definition
| The primacy and recency effect |
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Term
| What takes place in Paired Associate Learning? |
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Definition
| Brand Name > Product Attribute |
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Term
Which learning condition is this an example of?
Brand Name> Product Attribute |
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Definition
| Paired Associate Learning |
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Term
True/False:
To decrease cognitive dissonance, marketers offer price discounts. |
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Definition
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Term
True/False:
To decrease dissonance, marketers offer guarantees. |
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Definition
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Term
True/False:
To decrease dissonance, marketers attempt to position their brands as unique, the only one that can satisfy a particular need. |
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Definition
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