Term
| What are the three steps in Target Marketing? |
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Definition
| Segmentation, Targeting and Positioning. |
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Term
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Definition
| Identify and describe market segments |
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Definition
| Evaluate segments and decide which to go after |
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Definition
| Develop a marketing mix that will create a competitive advantage in the minds of the selected target market |
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Term
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Definition
| The process of dividing the market into groups based on one or more meaningful characteristics. |
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Term
| Requirements for Market Segmentation |
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Definition
| Common needs, wants or problems that respond similarly to marketing actions. Large enough segments to support the cost of response. |
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Term
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Definition
| Economies of scale, one size doesn't always fit all, tailored responses and comsumer satisfaction and allows for product differentiation. |
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Term
| Determining the basis to segmentation |
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Definition
| Measurable, accessible, substantial, differentiable, actionable. |
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Term
| Ways to segment consumers |
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Definition
geographic, demographic, behavioral, gender, income, psychographic
OR
AIO- Activities, Interests and Opinions |
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Term
| Ways to segment businesses |
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Definition
| geographically, by industry (size and focus), production technology, benefits, user/nonuser |
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Term
| Ways to segment internationally |
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Definition
| culturally, geographically, economically |
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Term
| Selecting the Target Market (developing segments) |
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Definition
| Evaluate size, growth, cost to measure. Prioritize/Select segments, Evaluate market action needed, Develop marketing program. (PED) |
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Term
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Definition
| mass market, one size fits all |
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Term
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Definition
| offerings for each segment |
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Term
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Definition
| focus on one segment to dominate |
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Term
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Definition
| target marketing of one (mass customization) |
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Term
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Definition
| Market the value proposition/bundle of benefits, analyze competition and differentiate to the target segment, execute in marketing mix. |
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Term
| Segmentation and Positioning break down |
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Definition
| Market Analysis, Internal Analysis and Competitive Analysis. All lead to marketing mix. |
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Term
| 4 Positions in Warfare (positioning) |
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Definition
| Market Leader, Number 2, Flankers, Guerillas |
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Definition
| attacks the leader's weak points |
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Term
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Definition
| use effective segmentation |
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Definition
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Term
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Definition
| activities, benefits or satisfactions, intangible, do not result in ownership |
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Term
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Definition
| Banking, Hotels, Tax Preparation, Home Repair |
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Term
| The Four I's for Service Characteristics |
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Definition
| Intangible, Inseparable, Inconsistent (quality depends on case), Inventory (can't be stored for later sale) |
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Term
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Definition
| buying capability, training, knowledge (eg Doctors, hair stylist) |
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Term
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Definition
| Buying use/accessibility (eg. ATMs) |
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Term
| 3 Categories of Tax Status |
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Definition
| Profit, Not for Profit, Government |
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Term
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Definition
| multiple goals- tax benefits |
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Term
| Inseparability of service leads to... |
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Definition
| simultaneous production/consumption |
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Term
| Intangibility of service leads to... |
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Definition
| no pre-purchase evaluation criteria |
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Term
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Definition
| service location and environment defines the perception of service quality |
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Term
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Definition
| what consumer expected versus reality experiences. |
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Term
| How to balance the Gap Analysis |
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Definition
| set expectations and set/maintain standards of delivery |
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Term
| Problems with "Product" in Service encounters |
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Definition
| social interaction and physical dimension defines product experience. Quality is defined and provided in different ways. |
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Term
| How consumers evaluate service product quality |
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Definition
| How it meets their Search Qualities, Experience Qualities and Credence Qualities. |
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Term
| Price in Service Product depends on which 3 units of consumption? |
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Definition
| type of service, time to complete service and service availability |
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Term
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Definition
| Bundled (all inclusive) or separate |
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Term
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Definition
| aids in servicescape management (eg. ski tickets after 5) |
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Term
| How does Place impact service |
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Definition
| defines soundscape, impacts physical dimension of service,organization of experience, availability |
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Term
| Points of differentiation for service distribution (place) |
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Definition
| convenience in organizational flow and layout, staffing and scheduling, number of locations. |
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Term
| How to use promotion in service |
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Definition
| stress tangible cues to make it seem more tangible. Uniforms, branding, taglines, testimonials, post-purchase communication. |
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Term
| 3 tools for Market Research |
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Definition
| Environment, Competition and Customer awareness |
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Term
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Definition
| not making a decision because: there is not enough info or too much of the wrong kind, too dispersed, too late, no way to check for accuracy |
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Term
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Definition
| the systematic design, collection, analysis and reporting of data relevant to a specific market situation facing an organization that acts as an AID to decision making. |
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Term
| Market Research involves what kind of analysis? |
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Definition
| Qualitative and quantitative |
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Term
| 4 steps to Market Research |
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Definition
| Locate/Evaluate Internal and External Sources, Design method & collect data, analyze data, provide information to marketing decision maker. |
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Term
| Basis for Market Research |
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Definition
| How does something in the Marketing Mix/Environment affect consumer reaction and performance outcomes. |
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Term
| 5 P's for Market Research |
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Definition
| Purpose, Plan, Perform, Process, Prepare (final report) |
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Term
| How to Define the Purpose of Research |
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Definition
| The researcher and manager work together to define the problem--> exploratory research--> Describe market--> Evaluate marketplace responses |
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Term
| Problem with delaying research |
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Definition
| researcher might not take the opportunity cost of waiting for better information into account. |
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Term
| Difference between exploratory and descriptive research |
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Definition
| Exploratory is more general and hypothesis based, more qualitative and data-related. Descriptive delves into the who, what, when, where, how but NOT why. |
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Term
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Definition
| Conclusive, Quantitative work has larger, general conclusions |
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Term
| Casual/ Experimental Research |
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Definition
| tests hypotheses about cause-and-effect relationships |
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Term
| Common techniques for qualitative research |
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Definition
| focus groups, interviews, key informants |
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Term
| Steps in planning the research |
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Definition
| Amount, Sources, Contact Methods, Sampling, Research Approaches and Tools to Gather Data. Choose between primary and secondary data. |
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Term
| Difference between secondary and primary data |
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Definition
| Primary data is collected in direct response to the issue at hand. |
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Term
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Definition
| Internal Company Data (CRM), Marketing Intelligence, External Databases, Market Research |
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Term
| Performing the research (Step 3) |
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Definition
| Questionnaires, panels, target groups. Avoid bias. |
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Term
| Analyzing the Data (Step 4) |
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Definition
| Process and draw conclusions |
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Term
| Problems with Market Research |
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Definition
| does the consumer know? will they tell you? do they do what say? Privacy Issues |
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Term
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Definition
| a good, service or idea consisting of tangible and intangible satisfactions that the consumer receives in an exchange |
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Term
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Definition
| Core Product, Actual Product and Augmented Product |
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Term
| 2 ways of classifying products |
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Definition
| Based on physical state (durable/non-durable) or on purchaser (consumer or business) |
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Term
| Categories of Classification |
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Definition
| Convenience, Staple, Shopping, Specialty, Unsought. |
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Term
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Definition
| Routine, no consideration, frequent |
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Definition
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Definition
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Definition
| limited effort, comparison (in category not brand knowledge), infrequent |
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Definition
| extensive, looking for specifics, rare |
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Term
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Definition
| depends on awareness, awareness drives interest, infrequent/rare |
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Term
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Definition
| legal, company, competitor, consumer |
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Term
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Definition
| Continuous, Dynamic, Discontinuous |
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Term
| 3 Types of "New" products |
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Definition
| original and new development, new and improved, acquisition |
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Term
| Methods for product success |
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Definition
| take something out of your product, put something in, answer consumer gripes, visible difference, make a task easier, use product in a new way, product substitute, creativity, look overseas |
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Term
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Definition
| Idea Generation, Market Strategy (business analysis), Technical Development (test marketing), Commercialization |
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Term
| Consumer acceptance process |
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Definition
| Awareness (ads), Interest (samples), Evaluation (sales personnel), Trial (demos), Adoption (reviews), Confirmation (reinforcement ads). |
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Term
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Definition
| Innovators, Early Adopters, Early Majority, Late Majority, Laggards |
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Term
| Factors Affecting Adoption |
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Definition
| Relative Advantage, Compatibility, Complexity, Trial-ability, Observability. |
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Term
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Definition
| target market is too small,insignificant point of differentiation, timing, lack of access to consumer, inadequate production, cost of production, poor quality product, wrong price, strong competitive response, poor communication |
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Term
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Definition
| Dividing the market into segments according to the different benefits consumers seek |
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Term
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Definition
| inviting broad communities of people into the new-product innovation process |
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Term
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Definition
| screening new-product ideas to spot good ideas and drop poor ones as soon as possible |
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Term
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Definition
| testing new-product concepts with a group of target consumers to find out what works |
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Term
| product life-cycle strategy |
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Definition
| product development, introduction, growth, maturity, decline. |
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Term
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Definition
| quality, features, style&design, branding, packaging |
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Term
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Definition
| the differential effect that knowing the brand name has on customer response to the product or its marketing |
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Term
| Aspects of good branding (4) |
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Definition
| positioning, brand name, sponsorship and brand development |
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