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Target Markets


personal demographics identifiable characteristics of individuals and groups of people
geographic demographics identifiable characteristics of towns, cities, states, regions, and countries
name some personal demographic variables age, sex, family size, income, occupation, education
name geographic demographic variables county size, city size, population density, climate
what are behavioral dimensions & how are they used? sources of influence that can be used to describe and identify target markets
name some behavioral dimensions purchase occasion, user status, user rate, and brand loyalty
psycho-graphics those factors that influence consumers' patterns of living or lifestyle
name psychographics activities, interests, opinions, as well as social class, personality and values
market segmentation the process by which the total potential market for a product is divided into smaller parts or segments
market segmenting dividing the market along chosen segmentation variables then profiling the resulting segments
market targeting choosing the firm's target mkt(s) based on evaluation of mkt segmentation
3 conditions to identify market segments that will respond homogeneously *measurable mkt segment bases *reachable thru existing channels *large enough to be profitable
what are the best variables or bases for segmenting a market? these will vary by product. the best are those that will identify meaningful differences between groups of customers.
single-variable segmentation one segmentation variable for buyer behavior
multi-variable segmentation two or more segmentation bases for buyer behavior
what is the difference between single & multi-variable segmentation? multi-variable segmentation recognizes the interrelationships between variables such as age, income and education.
single segment or concentration strategy focus on one segment as a target market
multiple segmentation strategy or differentiated marketing the choice to pursue more than one target market with corresponding mktg mixes
undifferentiated or mass mktg treating the total potential mkt as a whole
why is understanding of consumer behavior important? to create an effective mktg mix requires understanding consumer preferences, decision-making processes, and how to influence those decisions.
involvement refers to the importance that consumers attach to the purchase of a particular product
characteristics of high involvement decision making *personally important product perception *relatively expensive product *lack of info on product *bad decision making risk high *potentially great benefits from product
characteristics of low involvement decision making frequently purchased, low-priced goods
five stages of high involvement decision making *need recognition *search for information *identification of alternatives *purchase decision *post purchase behavior
cognitive dissonance post-purchase mental anxiety by uncertainty about a purchase making the buyer less than fully satisfied with the final selection
3 stages of low involvement decision-making *need recognition *purchase decision *post-purchase behavior
Is high & low involvement decision-making absolute? no, each represents an endpoint of a continuum
what forces affect consumer wants and perceptions? *social *psychological *informational forces
name the social factors affecting consumer behavior: *culture *social class *reference groups *family members
name psychological factors affecting consumer behavior: *consumer's motivations & personality
name the informational forces affecting the consumer's behavior *advertisers *product rating sources *sovial environment
how do organizational & consumer mkts vary? *consumers usually purchase finished goods for final consumption; organizational buyers purchase materials for resale, operational needs or for use in further production *organizational consumers are fewer in # & less geographically dispersed
derived demand the anticipated demand by consumers for finished goods that drives organizational buyer's demand for materials
characteristics used exclusively in segmenting non-consumer mkts *customer type *customer size *buying situation
name the customer types in non-consumer mkts *manufacturers *wholesalers *retailers *government agencies *non-profit institutions
definecustomer size in non-consumer mkts the purchaseing power of buyers rather than the number of buyers
name the buying situations in non consumer mkts *new-task buying *straight rebuy *modified rebuy
new-task buying non-consumer mkt buying of high-cost products that requires research and multiple decision makers
straight rebuy non-consumer mkt buying of inexpensive, low-risk products where previous purchases are re-ordered & requires little research
modified rebuy non-consumer mkt buying where some research is required & a few alternatives may be evaluated
non-consumer mkt buyers individuals who identify suppliers, arrange terms of sale, and carry out the purchasing procedure
non-consumer mkt users people within the firm who will use the product
non-consumer mkt influencers those individuals who establish product requirements & specs based on their technical expertise
non-consumer mkt gatekeepers people within the organization who control the flow of relevant purchase-related information
non-consumer mkt deciders the individuals who makes the final purchase decision
non-consumer mkt buying center all the people who participate in or influence the decision-making process
non-consumer mkt buying committee a formal committee sometimes established by large firms to evaluate purchasing policies and product line modifications
Created by: forrestree71