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Marketing ch9
| Question | Answer |
|---|---|
| STP | Targeting, segmentation, and positioning analyst |
| Geographic segmentation | The grouping of consumers on the basis of where they live |
| Geographic segmentation | Make adjustments to meet the needs of smaller geographic groups |
| Demographic segmentation | The grouping of consumers according to easily measured, objective characteristics such as age gender income and education |
| Psychographic segmentation | A method of segmenting customers based on how they spend their time and money, what activities they pursue, and their attitudes and opinions about the world in which they live |
| Psychographics | Studies how people self select, as it were, based on the characteristics of how they choose to occupy their time and what underlying psychological reasons determine those choices |
| Self- values | Our goals for life, not just the goals of one wants to accomplish in a day. They are the overriding desires that dries out a person lives his or her life |
| Self- concept | Is the image people ideally have of them selves |
| Lifestyles | The third component of peoples psychographic makeup, are the ways we live |
| VALS | The most widely used psychographic segmentation. Psychographic tool Developed by SRI consulting business intelligence classified as consumers into eighth innovators, thinkers, believe it, achievers, strivers, experiences, makers, or survivors |
| Benefit segmentation | Groups consumers on the benefits they derive from products or services Ex movie, need a laugh |
| Behavioral segmentation | Divides customers into groups on the basis of how they use products or services |
| Occasional segmentation | Behavioral segmentation based on when a product or service is purchased are consumed |
| Loyalty segmentation | Strategy of investing in loyalty initiatives to retain the firms much profitable customers Example by 10 sandwiches get the 11th one free |
| Geodemographic segmentation | The grouping of consumers on the basis of a combination of geographic, demographic and lifestyle characteristics |
| Evaluation of segment attractiveness | 1. Substantial 2.Identifiable 3. Profitable 4. Reachable 5. Responsive |
| Substantial | Once the firm has identified its potential target markets, it needs to measure their sizes. If the market is too small or is buying power insignificant, it won’t generate sufficient profits or be able to support the marketing mix activity |
| Reachable | The consumer must know that the product or service exist, I understand what it can do for him my heart, and recognize how to buy it |
| Responsive |
Created by:
bkgee