Marketing Chp 9 Lecture Notes Pt 1
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| Why business firms segment there markets: | show 🗑
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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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| show | - similarity of needs and benefits they look for in making a purchase
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| Devloping Specific Marketing Mix (4 Ps) actions may involve: | show 🗑
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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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| show | One product & multiple market segments, multiple products & multiple market segments, segments of one or mass customization
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| What is one product and multiple market segments | show 🗑
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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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| In terms of market segments and products, whar are the three market segmentation startegies? | show 🗑
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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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| What is potential for increased profit | show 🗑
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| show | Potential buyers within a segment should be similar in terms of a marketing action, such as product features sought or advertising media used
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| show | If the needs of various segments arent very different, combine them into fewer segments. If increased sales dont offset extra costs combine segments and reduce the number of marketing action
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| What is potential of a marketing action to reach a segment | show 🗑
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| show | Geographic Segmentation, Demographic Segmentation, Psychographic Segmentation, Behavioral Segmentation
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| What is Geographic Segmentation | show 🗑
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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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| show | Which is based on some subjective mental or emotional attributes (personality), aspiration (lifestyle), or needs of prospective customers
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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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| show | Consists of metropolitan and micropolitan statistical areas
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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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