Chap 3-Target markets
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| Personal demographics | Identifiable characteristics of individuals and groups of people. Includes age, sex, family size, income, occupation, and education.
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| Geographic demographics | Identifiable characteristics of towns, cities, states, regions, countries. Includes county size, city size, population density, climate.
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| bahavioral dimensions | Include purchase occasion, user status, user rate, brand loyalty.
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| Psychographics | Factors that influence consumers' patterns of lifestyle (activities, interests, opinions, social class, personality, values).
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| Conditions to identify market segments that will respond to marketing programs homogeneously | Market segments must be measurable, accessible (or reachable), and large enough to be profitable.
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| Single-variable Segmentation | Buyer behavior can be related to only one segmentation variable.
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| Mutliple-variable Segmentation | Buyer behavior can be related to more than one segmentation variable, reflecting the importance of interrelationships btw factors in defining market segments.
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| Single segment or concentration strategy | Managers decide to concentrate on one segment as a target market.
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| Multiple segmentation strategy or differentiated marketing | Managers decide to concentrate on more than one target market with corresponding mktg mixes for each.
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| Undifferentiated or mass marketing | Maagers decide to treat the total potential market as a whole.
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| Involvement | Importance that consumers attach to the purchase of a particular product. Primary determinant of how consumers reach purchase decisions.
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| High involvement | Product is perceived to be personnaly important, realtively expensive, lack of relevant information about product from consumer but offer potential great benefits.
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| Low involvement | For frequentely purchased, low-priced goods.
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| Five-stage process - high involvement decision making | Need recognition, Search for relevant information, identification/evaluation of alternatives, purchase decision, postpurchase behavior.
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| Cognitive dissonance | Mental anxiety sometimes caused by a consumer's uncertainty about a purchase he or she made: consumers continue to evaluate pros and cons of alternatives after the sale has been made.
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| Three-stage process - low involvement decision making | Need recognition, purchase decision, postpurchase behavior.
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| Three characteristics in segmenting non-consumer markets | Customer type, Customer size, buying situation.
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| Customer Type | Includes manufacturers, wholesalers, retailers, govt agencies, and non profit institutions.
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| Customer Size | Based on the purchasing power of buyers rather than the number of buyers.
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| Buying Situation | Characterized as three types: new-task buying, straight rebuy, or modified rebuy.
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| New-task Buying | The task requires greater effort in gathering information and evaluating alternatives. Employed in the purchase of high-cost products that the firm has not had previous experience with.
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| Straight Rebuy | Process used to purchase inexpensive, low risk products, when previous purchases are simply reordered to replace depleted inventory.
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| Modified Rebuy | Used when the purchase situation is less complex than new-task buying and more involved than a straight rebuy.
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| Buyers (organizational buying decisions) | Individuals who identify suppliers, arrange terms of sale, and carru out the purchasing procedures.
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| Users | People within the firm who will use the product.
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| Influencers | Those individuals who establish product rewuirements and specifications based on their technical expertise or authority within the organization.
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| Gatekeepers | People within the organization who control the flow of relevant purchase-related information.
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| Deciders | The individuals who makes the final purchase decision.
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| Buying center | All the people who participate in or influence the decision-making process. The number of people making up the buying center will vary between organizations.
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