Term
| What is market segmentation? |
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Definition
The process of dividing up the potential consumers into distinct subsets.
*different than mass marketing* |
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Term
| What is the marketing mix? |
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Definition
product
price
place
promotion |
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Term
True or false?
Positioning expresses the offerings value propostition which deliever specific benefits to fullfill consumers unfulfilled needs. |
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Definition
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Term
| What are the key components of marketing most consumer goods? |
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Definition
market segmentation
targeting
positioning |
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Term
| What are the 5 criteria for an effective target market? |
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Definition
1. identifiable
2.sizeable
3. stable
4. accesible
5. congruent
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Term
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Definition
| market must be able to identify a need revelant to the product or service |
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Term
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Definition
| To be a viable market, the segment should have enough consumers to make targeting profitable |
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Term
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Definition
| Stable in terms of lifestyle and consumption patterns |
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Term
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Definition
| Marketers must be able to reach the market segment in an economical way |
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Term
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Definition
| Congurent with the marketers objectives and resources |
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Term
True or false?
Segmentation strategies end by selecting the base core attributes of a group of existing or potential customers. |
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Definition
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Term
True or false?
Many characteristics are used and the segmentation is usually that of a hybrid. |
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Definition
| True. One characteristic is never used alone. |
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Term
| What are the two types of consumer rooted personal attributes? |
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Definition
-facts: evidence based
-congnitions: which can be determined through indirect psycological tests |
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Term
| The core of almost all segmentations due to the following reasons (4) |
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Definition
1. easiest and most logical way to classify ppl
2. most cost effective way to locate and reach specific segments
3. enables marketers to identify business oportunities
4. Many consumption behaviors, attitudes and media expose patterns are directly linked to demographics |
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Term
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Definition
| Hybrid segmentation scheme based on the premise that ppl who live close together to one another are likely to have similiar financial means, tastes, and preferences, lifestyles, and consumption habits. |
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Term
| This system uses the zip and 4 postal systems to classify all nations households into 66 segments. |
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Definition
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Term
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Definition
-cost effective
-selecting media for advertising campaigns
-tailoring offers and promotional contents to specific segments |
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Term
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Definition
| Psyographic that consists of activities, interests, and opinions. |
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Term
| Most popular segment system that focuses on consumer purchasing behavior. |
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Definition
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Term
True or false?
Geodemographics help determine consumers need for a product and their ability to buy products. |
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Definition
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Term
True or false?
Psychographics help explian purchase decisions and choices made within the buying options. |
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Definition
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Term
| The 3 primary motivations |
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Definition
1. ideals
2. achievement
3. self-expression |
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Term
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Definition
| Marketers can segment on the basis of culture because members tend to share similiar values, beliefs, and customs. |
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Term
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Definition
| heavy, medium, light, and non-users of a specific product, service or brand |
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Term
| Usage-situation segmentation |
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Definition
| Occasion and situation can determine what the consumer will purchase |
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Term
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Definition
| The benefits that consumers seek from products and services. |
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Term
| The two components of brand loyalty |
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Definition
1. behavior (frequency and consistency of buying a given brand)
2. attitude (the consumers feeling of commitment to the brand) |
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Term
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Definition
| Allows marketers to deliever personalized advertising messages to buyers, based on usage behavior |
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Term
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Definition
| Break up customers into relatively small groups to target. |
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