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