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MKTG 494 - Chapter 8
Exam 2
| Question | Answer |
|---|---|
| mass marketing | seller engages in the mass production, mass distribution, and mass production of one product for all buyers. (ie. Henry Ford offered Model T in only black) |
| 4 micromarketing levels | segments, niches, local areas, individuals |
| market segment | group of customers who share a similar set of needs and wants |
| naked solution | contains the product and service elements that all segment members value |
| discretionary options | some segment members value |
| homogenous preferences | all customers have roughly the same preferences, market shows no natural segments |
| diffused preferences | vary greatly in preferences |
| clustered preferences | result when natural market segments emerge from groups of customers with shared preferences |
| niche marketing | more narrowly defined customer group seeking a distinctive mix of benefits |
| local marketing | reflects growing rend called grassroots marketing, activities concentrate on getting as close and personally relevant to individual customers as possible. |
| customerization | combines operationally driven mass customization with customized marketing in a way that empower consumers to design the produc t and service offering of their choice |
| geographic segmentation | nations, states, regions, counties, cities, neighborhoods |
| customer cloning | assuming the best prospects live where most of his customers come from (IE. Retailer will locate business within a 10-mile radius of customers) |
| cohorts | separate generation groups who share the same major cultural, political, and economic experiences and have similar outlooks and values |
| psychographic segmentation | science of using psychology and demographics to better understand consumers; buyers are divided into different groups on basis of personality traits, lifestyle, or values. People within same demographic may have different psychographic profiles. |
| psychographic segmentation - 4 groups of higher resources | innovators, thinkers, achievers, experiencer |
| psychographic segmentation - 4 groups of lower resources | believers, strivers, makers, survivors |
| behavorial segmentation | divide buyers into groups on basis of their knowledge of, attitude toward, use of, or response to a product |
| 5 roles people play in buying decision | initiator, influencer, decider, buyer, user |
| user status | every product has its nonusers, ex-users, potential users, first time users, and regular users; key to attracting potential users is understanding their reasons |
| usage rate | segmented into light, medium, and heavy product users; heavy users account for high percentage of total consumption but are extremely loyal to one brand or never loyal to any |
| hard-core loyals | buy one brand all the time, identifies strengths |
| split loyals | loyal to one or three brands, shows competition |
| shifting loyals | shift loyalty from one brand to another |
| switchers | show no loyalty to any brand |
| product specialization | one product, many markets (IE. Microscopes are sold to university, government, laboratories) |
| Selective specialization | various markets, little or no synergy among segments but promises to be a moneymaker; diversifies firm’s risk |
| single segment concentration | one market, one product |
| market specialization | multiple products, one market |
Created by:
lucynguyen08
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