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EXAM 2 Ch. 8, 9

QuestionAnswer
Measures of Success criteria or standards used in evaluating proposed solutions to the problem
Constraints in a decision, the restrictions placed on potential solutions to a problem
Primary Data facts and figures that are newly collected for the project(Panels count)
Secondary Data facts and figures that have already been recorded prior to the project at hand(government studies)
Observational Data facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods
Questionnaire data the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
Market Segmentation marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products
Ways to segment (4) 1. Geographic segmentation—where customers live or work. 2.͏ Demographic segmentation—objective classification. 3.͏ Psychographic segmentation—subjective attributes. 4.͏ Behavioral segmentation—observable action
Cannibalization Stealing sales from yourself
Tiffany/Walmart strategy selling to high-end and low-end segments
Personas character descriptions of a brand’s typical customers. Personas bring target market data alive by creating fictional character narratives
Product positioning Head-to-head positioning—compete on similar products. 2.͏ Differentiation positioning—seek a less- competitive market
Product repositioning Head-to-head positioning—compete on similar products. 2.͏ Differentiation positioning—seek a less- competitive market
Perceptual map to long
Created by: user-2068407
 

 



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