Koofers

TESTBANK•PROF RATINGS•GPA HISTORIES•FLASHCARDS•SCHEDULES•TEXTBOOKS•DEALS
Universities » Canisius College (CC) » MKT - Marketing » 201 - Principles of Marketing » Flash Cards

Chapter 5 - Flashcards

Flashcard Deck Information

Class:MKT 201 - Principles of Marketing
Subject:Marketing
University:Canisius College
Term:Spring 2011
- of -
INCORRECT CORRECT
- INCORRECT     - CORRECT     - SKIPPED
Shuffle Remaining Cards Show Definitions First Take Quiz (NEW)
Hide Keyboard shortcuts
Next card
Previous card
Mark correct
Mark incorrect
Flip card
Start Over
Shuffle
      Mode:   CARDS LIST       ? pages   PRINT EXIT
Market Segmentation The process of breaking down all consumers into groups of potential buyers with similar characteristics
Targeted Market Choosing select groups of people and organizations to sell to
Mass marketing/ Undifferentiated marketing evolved along with mass production and involves selling the same product to everybody.
Benefits of segmented market - Avoid head-on competition with other firms trying to capture the same customers - Develop new offerings and expand profitable brands and products line - Remarket older, less-profitable products and brands - Identify early adopters Redistribute money and sales efforts to focus on your most profitable customer -Retain “at risk” customers in danger of defecting to your competitors +
Generated by Koofers.com
one-to-one marketing outlines the steps companies can take to target their best customers, form close, personal relationships with them, and give them what they want—a process called
Segmentation Bases criteria to classify buyers, to get a fuller picture of its customers and create real value for them.
Behavioral segmentation What benefits do customers want, and how do they use our product?
Demographic segmentation How do the ages, races, and ethnic backgrounds of our customers affect what they buy?
Generated by Koofers.com
Geographic segmentation Where are our customers located, and how can we reach them? What products do they buy based on their locations?
Psychographic segmentation What do our customers think about and value? How do they live their lives?
Gecoding The process of plotting geographic marketing information takes on a map.
Proximity marketing new technology firms are using to segment buyers geographically and target them within a few hundred feet of their businesses using wireless technology.
Generated by Koofers.com
Micro targeting Narrowcasting, is a new effort to isolate markets and target them
Concentrated marketing Targeting a very select group of customers. involves targeting a very select group of customers.
Niche Marketing involves targeting an even more select group of consumers. When you’re engaging in niche marketing, your goal is to be a big fish in a small pond instead of a small fish in a big pond.[
multi-segment marketing allow you to respond to demographic and other changes in markets.
Generated by Koofers.com
Positioning tailoring your product so that it stands out from the competition and people want to buy it.
Perceptual Map a two-dimensional graph that visually shows where your product stands, or should stand, relative to your competitors, based on criteria important to buyers.
Tagline catchphrase designed to sum up the essence of a product.
Repositioning an effort to “move” a product to a different place in the minds of consumers.
Generated by Koofers.com

List View: Terms & Definitions

  Hide All 20 Print
 
Front
Back
 Market SegmentationThe process of breaking down all consumers into groups of potential buyers with similar characteristics
 Targeted Market Choosing select groups of people and organizations to sell to
 Mass marketing/ Undifferentiated marketingevolved along with mass production and involves selling the same product to everybody.
 Benefits of segmented market - Avoid head-on competition with other firms trying to capture the same customers
- Develop new offerings and expand profitable brands and products line
- Remarket older, less-profitable products and brands
- Identify early adopters
Redistribute money and sales efforts to focus on your most profitable customer
-Retain “at risk” customers in danger of defecting to your competitors

+
 one-to-one marketing outlines the steps companies can take to target their best customers, form close, personal relationships with them, and give them what they want—a process called
 Segmentation Bases criteria to classify buyers, to get a fuller picture of its customers and create real value for them.
 Behavioral segmentationWhat benefits do customers want, and how do they use our product?
 Demographic segmentationHow do the ages, races, and ethnic backgrounds of our customers affect what they buy?
 Geographic segmentationWhere are our customers located, and how can we reach them? What products do they buy based on their locations?
 Psychographic segmentation What do our customers think about and value? How do they live their lives?
 GecodingThe process of plotting geographic marketing information takes on a map.
 Proximity marketing new technology firms are using to segment buyers geographically and target them within a few hundred feet of their businesses using wireless technology.
 Micro targetingNarrowcasting, is a new effort to isolate markets and target them
 Concentrated marketing Targeting a very select group of customers. involves targeting a very select group of customers.
 Niche Marketing involves targeting an even more select group of consumers. When you’re engaging in niche marketing, your goal is to be a big fish in a small pond instead of a small fish in a big pond.[
 multi-segment marketingallow you to respond to demographic and other changes in markets.
 Positioningtailoring your product so that it stands out from the competition and people want to buy it.
 Perceptual Mapa two-dimensional graph that visually shows where your product stands, or should stand, relative to your competitors, based on criteria important to buyers.
 Taglinecatchphrase designed to sum up the essence of a product.
 Repositioningan effort to “move” a product to a different place in the minds of consumers.
+0
Karma