Marketing 9 – Flashcards
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involves aggregating prospectivve buyers into groups that have common needs and will respond similarly to a marketing action
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Market Segmentation
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relatively homogeneous groups of prospective buyers that result from the market segmentation process
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Market Segments
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A strategy that involves a firm using different marketing mix acitivties such as product features and advertising to help consumers percieve their product being different and better than competing products
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Product Differentiation
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Forming meaningful groupings---developing specific marketing mix actions
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Foundation of effective market segmentaton
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one product and multiple market segments---- multiple products and multiple market segments----- segments of one or mass customization
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3 Specific Segmentation Strategies
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When a company produces only a single product or service and attempts to sell it to to two or more market segments. Harry Potter and John Smoltz
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One Product Multiple Markets
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Like Ford and Gap Old Navy Banana Republic
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Multiple Products and Multiple Markets
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tailoring goods or services to the tastes of individual customers on high volume scale
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Segments of One: Mass Customization
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the increased customer value achieved through performing organizational functions like marketing or manufacturing more efficiently
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Synergy
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new products or new chain stealing customers from the older existing ones
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Cannibalization
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Simplicity and cost effectiveness of assigning potential buyers into segments-------Potential for increased profit-------Similar ity of needs of potential buyers within a segment-----Difference of needs of buyers among segments-----Potential of a marketing action to reach a segment
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Five Criteria for Developing Segments
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Geographic---demographic---psychographic----behavioral
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4 Segmentation Bases
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Age, Gender, race
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Demographic Segmentation
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mental or emotional attributes, personality
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Psychographic Seg
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based on observable actions, where they buy, how often, what benefits they seek,
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Behavioral Seg
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quantity consumed or patronage--store visits-- during a specific period
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Usage Rate
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strategy that focuses on usage rate. Frequent Fliers
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Frequency Marketing
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a concept that suggest that 80% of a firms sales are obtained from 20% of its customers
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80/20 Rule
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a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization
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Market Product Grid
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divide the markets into segments----actually pick the target segments
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2 Different kinds of criteria in the market segmentation process
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Market Size---Expected Growth----Competitive Position---Cost of Reaching the Segment---Compatibility with the orgs objectives and resources
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5 Criteria to Select Target Segments
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Running Horizontally along the grid
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Marketing Synergies
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Veritcally on the grid.
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Product Synergies
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refers to the place an offering occupies in consumers' minds on important attributes relative to competitive products
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Product Positioning
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Changing the place an offering occupies in a consumers mind relative to competitive products
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Product Repositioning
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competing directly with competitors on similar products attributes in the same target market
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Head to Head Positioning
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seeking a less competitive smaller market niche in which to locate a brand
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Differentiation Positioning
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A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands and then take marketing actions
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Perceptual Map
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the maximum total sales of a products by all firms during a specific time period under specified environmental conditions and marketing efforts of the firms
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Market or industry Potential
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total sales of a products a company expects to sell during a specified time period
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Sales or company Forecast
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Judgments of the decision maker---surveys of knowledgeable groups---statistical methods
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3 Sales Techniques Used
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eastimating the value to be forecast without any intervening steps
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Direct forecast
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making a cast using the last known value and modifying it according to positive or negative factors expected in the future. Finding the lost horse
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Lost Horse forecast
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asking buyers if they are likely to buy something in the near future
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Survey of buyers intentions forecast
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askng salespeople to estimate sales during the coming period
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Sales force Survey forecast
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extending a pattern observed in past data into the future
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Trend extrapolation
