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MKTG clep

Chap 3-Target markets

QuestionAnswer
Personal demographics Identifiable characteristics of individuals and groups of people. Includes age, sex, family size, income, occupation, and education.
Geographic demographics Identifiable characteristics of towns, cities, states, regions, countries. Includes county size, city size, population density, climate.
bahavioral dimensions Include purchase occasion, user status, user rate, brand loyalty.
Psychographics Factors that influence consumers' patterns of lifestyle (activities, interests, opinions, social class, personality, values).
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.
Single-variable Segmentation Buyer behavior can be related to only one segmentation variable.
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.
Single segment or concentration strategy Managers decide to concentrate on one segment as a target market.
Multiple segmentation strategy or differentiated marketing Managers decide to concentrate on more than one target market with corresponding mktg mixes for each.
Undifferentiated or mass marketing Maagers decide to treat the total potential market as a whole.
Involvement Importance that consumers attach to the purchase of a particular product. Primary determinant of how consumers reach purchase decisions.
High involvement Product is perceived to be personnaly important, realtively expensive, lack of relevant information about product from consumer but offer potential great benefits.
Low involvement For frequentely purchased, low-priced goods.
Five-stage process - high involvement decision making Need recognition, Search for relevant information, identification/evaluation of alternatives, purchase decision, postpurchase behavior.
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.
Three-stage process - low involvement decision making Need recognition, purchase decision, postpurchase behavior.
Three characteristics in segmenting non-consumer markets Customer type, Customer size, buying situation.
Customer Type Includes manufacturers, wholesalers, retailers, govt agencies, and non profit institutions.
Customer Size Based on the purchasing power of buyers rather than the number of buyers.
Buying Situation Characterized as three types: new-task buying, straight rebuy, or modified rebuy.
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.
Straight Rebuy Process used to purchase inexpensive, low risk products, when previous purchases are simply reordered to replace depleted inventory.
Modified Rebuy Used when the purchase situation is less complex than new-task buying and more involved than a straight rebuy.
Buyers (organizational buying decisions) Individuals who identify suppliers, arrange terms of sale, and carru out the purchasing procedures.
Users People within the firm who will use the product.
Influencers Those individuals who establish product rewuirements and specifications based on their technical expertise or authority within the organization.
Gatekeepers People within the organization who control the flow of relevant purchase-related information.
Deciders The individuals who makes the final purchase decision.
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.
Created by: lili8
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