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Intro to Marketing

Quiz 3

QuestionAnswer
Pareto Principle 80% of your sales comes from 20% of your clients; Keep the top 20% happy and get more people to be in the top 20%.
Costs of Attrition more expensive to get new customer VS retain 26of 27 fail to report a bad experience 91% of dissatisfied customers won’t return 13% tell 20 or more of their bad experience 82% will return if situation resolved well handled problem INCREASES loyalty
Levels of Segmentation Mass marketing.- No segmenting. Differentiated marketing. - Large segments with specific marketing mixes. Niche marketing. - Small segments with specialized marketing mixes. Micro-marketing. - Customized marketing to individuals.
Segmentation Variables Geographic, Demographic, Psychographic, Behavioural
Behavioural Segmentation User status. Nonusers, ex-users. Potential users. First-time users. Regular users. Usage rate. Light. Medium. Heavy. Loyalty status. Brands. Stores. Companies.
Mavens These are the people who seem to know everything about the product and its marketplace. They are not passive with all their info- they want to tell everyone
Salesmen These are the persuaders.
Product positioning How a product is viewed by consumers relative to competing products.
Competitive Advantage extent to which a company can position itself as providing superior value.
Competitive Advantage Product differentiation - Consistency.. Services differentiation -Speed, convenience, careful delivery. Image differentiation -Convey benefits and positioning. People differentiation -Hiring, training better people than the competition.
Consumer Promise Statement summarizing the benefit of the product or service to the consumer
What forms the Unique Selling Proposition? Competitive Advantage and Consumer Promise
New product adoption stages awareness - Consumer learns of product Interest - Receptive to messages and information Evaluation - Review of benefits Trial - Initial purchase Adoption - purchase based on satisfaction
Product life cycle Development,Introduction, Growth,Maturity, and Decline
Development (Product life cycle) No customers, no profits, heavy spending.
Introduction(Product life cycle) Early adopter customers, no profits, high launch costs.
growth (Product life cycle) Early majority customers, rapid sales growth and revenues.
Maturity (Product life cycle) Late majority customers, flat sales, declining profits.
Decline (Product life cycle) Laggard customers, declining sales, replaced by new products.
Created by: nicholehowson
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