Marketing Chp 9 Lecture Notes Pt 1
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| show | To respond more effectively to the wants of groups of potential buyers to increase sales and profits
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| Market segmentation involves aggregating prospective buyers into groups, or segments, that: | show 🗑
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| show | Product Differentiation
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| What is product differentiation | show 🗑
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| What does segmentation do: | show 🗑
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| People or organizations should be grouped into a market segment accourding to | show 🗑
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| show | - separate offerings and other aspects of themarketing mix, such as price, promotion, or distribution strategies
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| show | One-Sized fits all mass markets no longer exist, firm goes to the trouble & expense of segmenting its markets when it expects that this will increase it sales, profit, & return on investment, when expenses are greater than the potentially increased sales
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| Three specific segmentation strategies | show 🗑
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| show | When a firm produces only a single product or service and attempts to sell it to two or more market segments, it avoids the extra costs of developing and producing additional versions of the product
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| What is multiple products and multiple market segments | show 🗑
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| show | The essence of customer relation management (CRM) every customer has unique wants and needs. Next step beyond build-to-order (BTO), manufacturing a product only when one is ordered
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| What is synergy | show 🗑
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| Market segmentation involves aggregating prospective buyers into groups that have two key characteristics, what are they? | show 🗑
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| show | 1) One product and Multiple Market Segments 2) Multiple products and multiple markets segments 3) "segments of one" or mass customization
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| The process of segmenting a market and then selecting and reaching the target segments is divided into how many steps? | show 🗑
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| Criteria to Use in Forming the Segments | show 🗑
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| What is simplicity and cost of assigning potential buyers to segments | show 🗑
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| show | If future profit and ROI are maximized without segmentation, dont segment
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| What is similarity of needs of potential buyers within a segment | show 🗑
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| What is the difference of needs of buyers among segments | show 🗑
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| What is potential of a marketing action to reach a segment | show 🗑
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| What are the four general bases of segmentation and the typical variables that can be used to segment U.S. consumer markets | show 🗑
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| show | Based on where prospective customers live or work (region, city, state)
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| show | Which is based on some objective physical (gender, race) measurable (age, income) or other classification attribute (birth era, occupation) or prospective customers
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| What is Psychographic Segementation | show 🗑
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| show | Is based on some observable action or attitudes by prospective customers, such as where they buy, what benefits they seek, how frequently they buy, and why they buy
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| show | The quantity consumed or patronage (store visits) during a specific period
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| What is frequency marketing | show 🗑
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| What is the 80/20 rule | show 🗑
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| show | Geographic, Demographic, Behavioral
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| What is gegraphic segments in organizational markets | show 🗑
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| show | consists of NAICs, number of employees, sales
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| show | consists of usage, rate, application
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| The process of segemnting and targeting markets is a bridge between what two marketing activities | show 🗑
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| What is the difference between the demographic and behavioral bases of market segmentation | show 🗑
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