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chapter 9
Midterm 1
16
Marketing
Undergraduate 2
03/05/2013

Additional Marketing Flashcards

 


 

Cards

Term
market segmentation
Definition
involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action.
Term
market segments
Definition
the relatively homogeneous groups of prospective buyers that result from the market segmentation process.
Term
product differentiation
Definition
a marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
Term
market-product grid
Definition
a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.
Term
usage rate
Definition
the quantity consumed or patronage (store visits) during a specific period. Also called frequency marketing
Term
80/20 rule
Definition
a concept that suggests 80 percent of a firm’s sales are obtained from 20 percent of its customers
Term
product positioning
Definition
the place an offering occupies in a consumer’s mind on important attributes relative to competitive products.
Term
product repositioning
Definition
involves changing the place an offering occupies in a consumer’s mind relative to competitive products
Term
perceptual map
Definition
a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as the firm’s own product or brand.
Term
segments of one
Definition
mass customization, build-to-order (BTO)
Term
segmentation tradeoff
Definition
organizational synergy vs. cannibalization
Term
the 5 key steps in segmenting and targeting markets that link market needs to a firm's markting program
Definition
1) group potential buyers into segments
2) group products sold into categories
3) develop a market-product grid and estimate size of markets
4) select target markets
5) take marketing actions to reach target markets
Term
step 1 (group potential buyers into segments)
Definition
psychographic, behavioral, geographic and demographic segmentation
Term
step 4 (select target markets)
Definition
2 types of criteria: those that divide a market into segments and those that actually pick the target segments
criteria- market size, expected growth, competitive position, cost of reaching the segment, compatibility with organizational objectives and resources
Term
step 5 (take marketing actions to reach target markets)
Definition
market-product synergies: a balancing act
Term
product positioning
Definition
2 approaches- head to head, differentiation
write a positioning statement
perceptual map- identify important attributes, costumer rating of competing and company products, repositioning product brans in the minds of consumers
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