Marketing Principles: Chapter 8 – Flashcards
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Aggregating prospective buyer into groups that have common needs, and will respond similarly to a marketing action is referred to as:
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Market Segmentation
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Market Segments refer to:
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The relatively homogenous groups of prospective buyers that result from the market segmentation process.
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A relatively homogenous group of prospective buyers that result from the market segmentation process is referred to as:
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Market Segment
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Product differentiation refers to:
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A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products.
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A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a:
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Market-products grid
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A market-product grid is a framework to relate:
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the market segments of potential buyers to products offered or potential marketing actings by an organization.
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A market-product is a framework to relate the ______ to products offered or potential marketing actions by an organization:
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market segments of potential buyers
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Tailoring products or services to the tastes of individual customers on a high-volume scale is referred to as:
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Mass customization
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Manufacturing a product only when there is an order from a customer is referred to as:
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Build-to-order
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The increased customer value achieved through performing organizational functions like marketing or manufacturing more efficiently is referred to as:
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Organizational Synergy
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When a new product or new retail chain steals customers and sales from older existing ones of an organization, it is referred to as:
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Cannibalization
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Variables that are based on some objective physical (gender, ethnicity), measurable (age, income), or other classification attribute (occupation) of prospective customers are used in which segmentation base?
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Demographic
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The quantity consumed or patronage(store visits) during a specific period is referred to as:
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Usage Rate
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The market segmentation strategy known as frequency marketing focuses on:
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Usage Rate
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A market-product grid is a framework to relate the______ to products offered or potential marketing actions by an organization.
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Market segments of potential buyers
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Product positioning refers to:
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The place a product offering occupies in consumers' minds on important attributes.
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Positioning that involves competing directly with competitors on similar product attributes in the same target market is referred to as:
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Head-to head positioning
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A means of displaying or graphing 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, as well as its own product or brand, is referred to as a:
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Perceptual Map
