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Flashcards in Class 3 Deck (28):
1

market segment

a group of customers who share a similar set of needs and wants

2

demographic segmentation

-age and life cycle
-life stage
-gender
-income
-generation
-social class
-race and culture

3

US Generation Cohorts

Millennials
Gen X
Baby Boomers
Silent Generation

4

millennial defining features

raised in affluence, tech savvy, perceived immunity from marketing

5

Gen X defining features

parents relied on day are, accepts diversity, pragmatic and individualistic

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baby boomer defining features

control 3/4th of the wealth in the US, seek fountain of youth, home exercise equipment

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silent generation defining features

lead vibrant lives, spend money and time on grandchildren

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segmentation approaches

undifferentiated marketing
multiple segment
mass customization
niche targeting

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undifferentiated market

-one size fits all
-entire market is target market
-rarely used (ex Henry Ford black paint)

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multiple segments

-multiple products for multiple targets
-optimal market fit
-traditional approach

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mass customization

-segments of one
-each customer has a unique need
-each need can be uniquely met

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niche targeting

-one or few products designed to meet the very focused needs of a very focused segment
-typically able to demand a price premium

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Choosing a target market acronym

STP

14

STP

segmentation
targeting
positioning

15

market segmentation

identify and profile distinct groups of buyers

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market targeting

select one or more market segments to enter

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market positioning

for each, establish and communicate benefits of offering

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choosing target markets methods

-attitudinal segments
-Perceptual Mapping
-Vals
-Prizm

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attitudinal segments example

-style seekers
-purely pragmatic
-buyers and keepers
-loyal to brand
-treat me right
-high maintenance

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perceptual mapping

place points on 2 axis graph and look for groups

21

what does vals stand for?

values and lifestyles survey

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How many demographic questions does VALS have?

4

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How many attitudinal questions does VALS have?

35

24

VALS segments

innovators, thinkers, achievers, experimenters, believes, strivers, makers, survivors

25

VALS x-axis

primary motivation (ideals, achievement, self-expression)

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Vals y-axis

resources (low to high)

27

Prizm defines every US household in terms of..

66 demographically and behaviorally distinct segments

28

What is PRIZM

by Nielson, Carlyle
lifestyle segmentation system