Marketing Flashcards
(14 cards)
___ consists of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
market targeting
____ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
market segmentation
marketing boils down to two questions 1) Which customers will we serve? and 2) ______
how will we serve them
Monica sells handmade jewelry made from recycled products. Her jewelry is unique which makes it easier to sell because none of her competitors have anything similar. What marketing strategy is she pursuing?
Differentiation
Market segments that can be effectively reached and served are ______
accessible
A(n) _____ includes more than just a tangible object, such as cars, clothing, or smartphones
product
A service includes all of the following EXCEPT
airline travel
banking
a hotel
a bathing suit
a bathing suit
A person buying lipstick buys more than lip color. Charles Revson of Revlon saw this early: “In the factory, we make cosmetics; in the store, we sell hope.” This example answers which question
What is the buyer really buying?
Which of the following is a goods and services combination
a bike
a milkshake at an ice cream store
chocolate chips
a train ride
a milk shake at an ice cream store
What is a significant challenge presented by the product life cycle
new product development
Acquisition refers to ____
the buying of a whole company, a patent, or a license to product someone else’s product
In the new product development process, the first idea-reducing stage is _______
idea screening
What is a common reason for new product failure
incorrect estimation of the market size
new product development starts with
idea generation
