Chapter 5 Flashcards
(26 cards)
1
Q
Market Segmentation
A
- the process of breaking down all consumers into groups of potential buyers w/similar characteristics.
2
Q
Targeted Marketing (AKA differentiated marketing)
A
- choosing select groups of people to sell to.
Ex. Alfred P. Sloan of GM
(Rifle approach)
3
Q
Mass Marketing (AKA undifferentiated marketing)
A
- selling the same product to all consumers.
Ex. Henry Ford, Healthy Choice frozen dinners
(Shotgun approach)
*blast out as many marketing messages as possible on every medium available as often as you can afford.
4
Q
One-to-One Marketing
A
- forming close, personal relationships with customers & giving them exactly what they want.
(Rife with a scope approach)
5
Q
Segmentation bases
A
- criteria used to classify buyers.
6
Q
Behavioral Segmentation
A
- dividing people & organizations into groups according to how they behave w/or act towards product.
- what benefits do customers want?
- how do customers use our product?
7
Q
Demographic Segmentation
A
- segmenting buyers by tangible, personal, characteristics -> ages, incomes, ethnicity, family sizes, etc.
- how do the ages, races, & ethnic backgrounds of our customers affect what they buy?
8
Q
Geographic Segmentation
A
- segmenting buyers by where they are located.
- where are our customers located & how can we reach them?
- what products do they buy based on their locations?
9
Q
Psychographic
A
- what do our customers think about & value?
- How do customers live their lives?
10
Q
Retro Brands
A
- old brands/products companies “bring back” for a period of time.
11
Q
Advergames
A
- electronic games sellers create to promote a product or service.
12
Q
Geocoding
A
- the process of plotting geographic marketing info on a map.
13
Q
Geodemographics
A
- combining both demographic & geographic info for marketing purposes.
14
Q
Proximity Marketing
A
- The process of segmenting buyers geographically & targeting them w/in a few hundred feet of their business using wireless technology.
15
Q
Consumer Insight
A
- An understanding of consumers that results when both quantitative & qualitative info are gathered about them.
16
Q
Multisegment Marketing
A
- targeting multiple groups of consumers.
17
Q
Concentrated Marketing
A
- targeting a very select group of customers.
18
Q
Microtargeting
A
- the process of gathering multiple sources of data available on people. (tax & phone records, what catalogs people received, etc)
19
Q
Positioning
A
- Tailoring a product or its marketing so that it stands out from the competition & people want to buy it.
20
Q
Perceptual Map
A
- a two-dimensional graph that visually shows were a product stands/should stand, relative to its competitors.
21
Q
Tagline
A
- A catch phrase designed to sum up the essence of a product.
22
Q
Repositioning
A
- An effort to “move” a product to different place in mindset of consumers.
23
Q
A price-focused segment (B2B)
A
- composed of small companies that have low profit margins & regard the good/service being sold as not being strategically important to their operations.
24
Q
A Quality & brand-focused segment (B2B)
A
- composed of firms that want the best possible products & are prepared to pay for them.
25
A service - focused segment (B2B)
- Composed of firms that demand high-quality products & have top-notch delivery & service requirements.
26
A partnership focused segment (B2B)
- composed of firms that seek trust & reliability on the part of their suppliers & see them as strategic partners.
