MKT 301 Exam 2
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| Market | People or organizations with needs or wants and the ability or willingnes to buy.
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| Market segment | A subgroup of people or organizations sharing one or more characteristics that causes them to have similar product needs.
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| Market segmentation | The process of dividing a market into meaningful groups that are relatively similar and identifiable.
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| Substantiality | A segment must be large enough to justify the development and maintenance of a special marketing mix. Serving the specific needs of this segment, whatever size, must be profitable.
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| Identifiability and Measurability | The segments must be identifiable and their segments measurable.
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| Accessability | The firm must be able to reach members of targeted segments with customized marketing mixes.
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| Responsiveness | A market segment must respond differently to some aspect of the marketing mix than do other segments.
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| 80/20 principle | 20% of all consumers generate 80% of the demand.
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| One-to-one marketing | Helps marketers understand customers as individuals instead of fitting them to a mass profile.
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| Positioning | Development of a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization.
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| Position | Place a product, brand, or group of products occupies in consumers' minds relative to competing offerings.
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| Product Differentiation | Positioning strategy making a brand appear different from other brands to the consumer.
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| Perceptual mapping | Displaying in two or more dimentions, the location of products, brands, or groups of products in the minds of present or potential customers.
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| Repositioning | Changing a consumer's perception of a brand in relation to competing brands.
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| Satisficers | Contact familiar suppliers and place an order with the first to satisfy product and delivery requirements.
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| Optimizers | Consider numerous suppliers, familiar and unfamiliar, and analyze options.
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| Undifferentiated Targeting | A single marketing mix to market without considering individual segments.
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| Concentrated Targeting | Appeals to a single segment.
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| Multisegment Targeting | Serves two or more segments with a distinct marketing mix for each.
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| Geographic Segmentation | Based on regions, market size, climate...
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| Demographic Segmentation | Based on age, gender, income, ethnic background...
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| Psychographic Segmentation | Personality, motives, lifestyles, geodemographics....
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| Benefit Segmentation | Benefits consumers seek from the product.
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| Usage Rate Segmentation | Based on amount of product purchased or consumed.
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| Cannibalization | Sales of a new product cut into sales of a firm's existing product.
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