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Target Markets
CLEP PRINCIPLES OF MARKETING CH 3
| Question | Answer |
|---|---|
| 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
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