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Module 2 Flashcards

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1
Q

What are the three divisions of market segmentation?

A

Segmentation, Targeting, and (Re)Positioning

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2
Q

What process is described as dividing the market into groups?

A

Segmentation

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3
Q

What process is choosing the right customers to go after?

A

Targeting

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4
Q

What process is presenting customers with the right image and changing it when necessary?

A

(Re)Positioning

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5
Q

What process is conducted by firms plotting segments against their core competencies and targeting the groups with the most sales potential?

A

Cluster Analysis

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6
Q

What approach to targeting is described as the entire market is the target market?

A

Undifferentiated

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7
Q

What is an example of where undifferentiated targeting would be applicable?

A

Gas and produce

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8
Q

What products are an example of multiple products and multiple segments?

A

Laundry Detergent from Proctor and Gamble

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9
Q

What approach to targeting is described as each customer having unique wants and needs and allows for mass customization?

A

Segment of One

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10
Q

What is an example of Segment of One?

A

Dog Socks

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11
Q

What approach to targeting is described as one product focused to meet the needs of one very focused segment?

A

Niche Market

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12
Q

What is an example of a niche market?

A

Dating apps for people with similar interests

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13
Q

What segmentation base is based off of personality, motives, and lifestyle?

A

Psychographic

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14
Q

What segmentation base is based off of usage/volume, benefits, loyalty, and price sensitivity?

A

Behavioristics

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15
Q

What does VALS stand for?

A

Values and Lifestyles Survey

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16
Q

What is VALS used for?

A

It places users into a segment and predicts the probability of selling a product to that segment based on their demographics and purchasing behaviors

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17
Q

What is GeoVALS?

A

Where these segments typically live

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18
Q

What process is described as the amount of product a company expects to sell during a specific period?

A

Sales Forecasting

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19
Q

What process is performed by using aggregate sales data from many years to determine general trends?

A

Trend Analysis

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20
Q

What process is performed by analyzing sales from 3-5 years to assess consistent fluctuations?

A

Cyclical Analysis

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21
Q

What process is performed by analyzing daily, weekly, or monthly sales to assess seasonal influences?

A

Seasonal Analysis

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22
Q

What process predicts sales based on finding a relationship between past sales and an independent variable?

A

Regression Analysis

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23
Q

What is a major limitation of a regression analysis?

A

It cannot be used on new products

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24
Q

What process is described as developing and maintaining a product image in the mind of consumers?

A

Product Positioning

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25
What process is described as positioning objects according to their relative similarities or customer preferences on a multi-dimensional scale?
Perceptual Mapping
26
What can cause a company to reposition its product?
Stagnant Sales
27
What are some classic examples of repositioning?
FSU, Converse, McDonalds, etc.
28
What company generates $5 billion in revenue and owns most of the bread aisle in grocery stores?
Flower Foods
29
What process is described as designing, gathering, analyzing, and reporting information that is used to better understand customers?
Market Research
30
How do you calculate a net promoter score?
Take the percentage of promoters and subtract the percentage of those who would not promote
31
What term is described as a data set set that is too large to be dealt with by traditional data-processing software?
Big Data
32
Who were the leaders of the Total Quality Movement (TQM)
Deming and Juran
33
When did the TQM occur?
In the 1980s
34
What research is designed to solve a specific problem for a specific company?
Applied Research
35
What research is designed to extend the knowledge of marketing phenomena?
Basic Research
36
What step of market research is realizing and identifying we have a problem?
Problem Definition
37
What step of market research is creating a master plan for how the research will unfold?
Research Design
38
What type of data is research that already exists?
Secondary Data
39
What is ACSI and what does it tell us?
American Customer Satisfaction Index and how satisfied consumers are with products
40
What type of data is research collected by you, the researcher?
Primary Data
41
What type of research is described as a flexible, group discussion of a product?
Focus Group
42
What type of research describes the characteristics of a population?
Descriptive Research
43
What is an example of descriptive research?
A survey
44
What is Qualtrics?
A provider of subscription software for collecting and analyzing data for market research
45
What type of research identifies cause and effect between variables through experiments?
Causal Research
46
What is an example of causal research?
A/B Method
47
What is described as cognitive biases that prevent us from making rational decisions?
Behavioral Economics
48
What are mental shortcuts that restrict how much companies can charge for a product?
Price Anchors
49
How can price anchors be broken?
By making the product so significantly different
50
What type of influence is described as holidays and other influences changing buyer behavior?
Situational Influence
51
What type of influence is described as people valuing objects more if they own them?
Endowment Effect
52
What type of influence is described as making something appear smaller, cheaper, and more manageable?
Framing
53
What type of problem solving is described as choices made with little/no effort?
Habitual/Routinized
54
What type of problem solving is described as requiring a moderate amount of time to gather information; consumers are often familiar with the product class but not the brand?
Limited Problem Solving (LPS)
55
What type of problem solving is described as requiring the consumer to gather as much information as possible before making a decision?
Extended Problem Solving (EPS)
56
What are the five steps of the consumer decision process?
1) Problem Recognition 2) Information Search 3) Evaluation of Alternatives 4) Purchase 5) Post Purchase Evaluation
57
What step of the consumer decision process is described as a buyer becoming aware of a difference between a desired state and an actual condition?
Problem Recognition
58
What step of the consumer decision process is described as using internal and external sources to gather knowledge?
Information Search
59
What step of the consumer decision process is described as considering products in memory or those prominent in retail environments?
Identifying Alternatives
60
What step of the consumer decision process is described as utilizing heuristics to make a decision?
Purchase/Product Selection
61
What step of the consumer decision process is described as the emotional reaction to the purchase decision?
Post-Product Evaluation
62
What is Alibaba and when was it founded?
The Chinese equivalent of Amazon in 1999
63
What is described as the difference between a country's exports and imports?
Balance of Trade (Trade Deficit)
64
What force in the global market deals with language/interpretation difficulties?
Sociocultural Forces
65
What force in the global market deals with market changes?
Economic Forces
66
What does BRICS stand for?
Brazil, Russia, India, China, and South Africa
67
What force in the global market deals with tariffs, embargoes, and quotas?
Political, Legal, and Regulatory Forces
68
What force in the global market deals with situational ethics, corruption, bribes, and market entry?
Ethical and Social Responsibility Forces
69
What force in the global market deals with global competition increasing?
Competitive Forces
70
What force in the global market deals with the use of internet, advertising, and mobile technology?
Technological Forces
71
What is the process described as modifying a product to accommodate specific customer requirements in foreign markets?
Adaptation
72
What is the process described as the effort to make products uniform in order to target entire countries, or even the global market?
Standaradization
73
What process is described as the legal importation of genuine products into a country by other than authorized intermediaries?
Gray Marketing
74
What are two causes and an example of gray marketing?
1) Exchange rate is different 2) Large difference in pricing e.g. textbooks

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