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Marketing Ch 9 Test
Market Segmentation
| Question | Answer |
|---|---|
| Zappos | -Tony Hsieh - CEO Zappos - age 12 button making business - college sold pizzas out of dorm room -wide selection of shoes -online shop -8 million customers -overnight delivery -free returns |
| Concept that suggests 80% of a firm's sales are obtained from 20% of its customers | 80/20 Rule |
| Framework to relate the mkt segments of potential buyers to products offered or potential mkting actions by an organization | market-product grid |
| involves aggregating prospective buyers into groups, or segments (1) common needs (2) respond similarly to mkting action | market-segmentation |
| relatively homogeneous groups of prospective buyers that result from the mkt segmentation process | market segments |
| Means of displaying or graphing in 2 dimensions the location of prods or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands and then take mkting actions | perceptual map |
| mkting strategy that involves a firm using diff mkting mix activities such as prod feats and advertising to help consumers perceived a prod as being diff and better than competing prods | product differentiation |
| place a prod occupies in consumers' minds on important feats relative to competitive prods. | product positioning |
| changing the place an offering occupies in consumers' minds relative to competitive prods | product repositioning |
| quantity consumed or patronage during a specific period | usage rate |
| Running horizontally across the grid, each row represents an opportunity for efficiency in terms of a mkt segment | market synergies |
| running vertically down the mkt-prod grid, each column represents an opportunity for efficiency in research and dev and production | product synergies |
| What are the 3 ways to segment markets? | 1. 1 prod, mult seg. 2. mult prod, mult seg 3. 1 segment (mass customization) |
| Why is mass customization possible? | 1. Internet ordering 2. flex manufac 3. mkting process |
| Name the 5 steps involved in segmenting mkts. | 1. group buyers into seg 2. group prod into categories 3. mkt-prod grids 4. select tgt mkts 5. action |
| What are the 5 ways to select tgt mkts? | 1. mkt size 2. expected growth 3. comp. position 4. cost 5. compatibility btw obj + resources |
| 4 ways to segment consumer mkts. | 1. Geo (Region) 2. Demo (Household Size) 3. Psycho (Lifestyle) 4. Behavioral (Prod Feats) |
| 3 ways to segment organizational mkts. | 1. Geo (Statistical Area) 2. Demo (NAICS or # of Employees) 3. Behavioral (Usage Rate) |
| 5 criteria used in forming segments both consumer/organ. | 1. cost-effective 2. inc-profits 3. similar needs 4. diff. needs 5. mkting action |
| Explain how mkting managers position products in the mkt place. | -locate competitors prods on DIMENSIONAL PERCEPTUAL MAPS -position new prod/reposition existing prod. -goal to attain max sales/profits |
| Name the 2 approaches to positioning a product. | 1. Head-to-head 2. Differentiation |
| How are mkting synergies and prod synergies connected? | Mkt syn often come at exp of prod syn b/c a single customer seg will likely require a variety of prod. |
Created by:
mwoltner
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