108 Flashcards
(21 cards)
Market Segmentation
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.
Target Marketing
Evaluating each market segments’ attractiveness and selecting one or more segments to serve.
Value Proposition
The set of benefits or values a brand promises to deliver to consumers to satisfy their needs
Mission Statement
A statement of the organizations purpose what it wants to accomplish in the larger environment
Business Portfolio
The collection of businesses and products that make up the company
Lagging Adopters
The people who are a bit more skeptical about new products/technology. Think of them as traditionalists. Usually only adopts after everyone else around them adopts
Early Adopters
The people who accept and incorporate new products and/or technology early on. They see the potential value of a new product and want to be ahead of the curve when it becomes mainstream
SBU (strategic business unit)
can be a company or division, a product line within a division, or sometimes a single product or brand.
“Black Box”
The metaphorical box that consists of a buyer’s characteristics and their decision processes
Innovators
The first 2.5 percent of buyers to adopt a new idea.
Membership Group
Groups that have a direct influence and to which a person belongs
Strangers
Those that barely bring in any revenue and are not necessarily loyal to your company.
Butterflies
People that flit from one store or supplier to another, always searching for a lower price or a different shopping experience.
Barnacles
Customers that have a low overall spend and customer lifetime value, yet remain in your customer base for longer than most customers.
True Friends
The loyalist of loyal customers. They are the customers that not only bring in profit, but also speak highly of your products and promote your business to others.
Diversification
Diversification is a strategy that mixes a wide variety of investments within a portfolio in an attempt to reduce portfolio risk.
RFP
Is to help find the best solution for a complex problem
Selective Attention
When we filter out unneeded information
Selective Distortion
How we interpret new information to support what we already know/believe
Selective Distortion
How we interpret new information to support what we already know/believe
Selective Retention
When we remember the good parts about brands we favor and filter out the bad for brands we dislike
