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Exam 2- chapter 4 - Flashcards

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Class:MKT 320F - FOUNDATIONS OF MARKETING
Subject:Marketing
University:University of Texas - Austin
Term:Fall 2011
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market is a group of customer who have simliar need who are willing to exchange something of value with seller offer goods and services
generic market is broad simlar need and sellers offering often diverse ways of satisfying those nees. HDTV, Vacation, or live music
product market sellers offering various close subsitite way satisfying those needs  ( screw drivers
the main definition of product market product type- protection
needs - emotional
 consumer type
geographic area

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2 step process naming broad product market - brainstorming, selecting broad areas
segmenting - dividing markets in very different groups
criteria for segmenting a target market homogeneous
heterogeneous
substantial - big enough to be profitable
operation - sex, income, location
types of market segmentation demographic- teenagers, middle age people
geographic
age and life cycle- see vitamins, see silver shampoos
sex- deodorants for men
income segmentation
multivariate segmentation - 30 and 40 olds different generation
psycho graphic segmentation - personality, lifestyle
behavior segmentation - is the most studying for segmenation
industrial market segmentation
single target market approach segmenting the market and picking one of the homogenous segments as the frims target market

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multiple target market approact segementing the market and choosing two or more segments and the treating each as a separe target maret needing a different marketing mix
combined target market combining two or more submarkets into one larger target as a basis for one staregtey
what dimensions are used to segment markets qualityfying - are those including a customer type on a product market, sunblock

determining dimensions the more specific you want to be the more particulare determing dimensions should be.
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7 step approach in determine the product market find the product market- building motel in the city
needs - comfort, entertainment serivce, ( brainstorming)
homogeneous markets
dimension - qualifying - comfort, determing - services
name the product market - family, buisness people
evaluate why product market segmenats behave as they do - confusion, some resort peple would be family vacatiosn
make a rough estimate a size of each product - market segment - how many family people, demographics
clustering requires a computer, tries to find silimar pattersn within sets of data, , demographic characters
crm past purchases of the consumer
positioning refers to how customers think about proposed to present brands in a markets,
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positioning map are based on customers perceptions the actual characteristics of products might be different.
4 requirements for effective segmentation measurably - 30 billion left handers
accessibly- can we reach out the market
sustainability- each segment should be big enough to make a profit
actionable - act on the market
3 types of market targeting undifferentiated marketing- one candy bar, the whole market with one procut
differentiated marketing - product should be a few things, mustang, there are many things that fall into this category
concentrated marketing- few people, Rolex watches
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 marketis a group of customer who have simliar need who are willing to exchange something of value with seller offer goods and services
 generic marketis broad simlar need and sellers offering often diverse ways of satisfying those nees. HDTV, Vacation, or live music
 product marketsellers offering various close subsitite way satisfying those needs  ( screw drivers
 the main definition of product marketproduct type- protection
needs - emotional
 consumer type
geographic area

 2 step processnaming broad product market - brainstorming, selecting broad areas
segmenting - dividing markets in very different groups
 criteria for segmenting a target markethomogeneous
heterogeneous
substantial - big enough to be profitable
operation - sex, income, location
 types of market segmentationdemographic- teenagers, middle age people
geographic
age and life cycle- see vitamins, see silver shampoos
sex- deodorants for men
income segmentation
multivariate segmentation - 30 and 40 olds different generation
psycho graphic segmentation - personality, lifestyle
behavior segmentation - is the most studying for segmenation
industrial market segmentation
 single target market approachsegmenting the market and picking one of the homogenous segments as the frims target market

 multiple target market approactsegementing the market and choosing two or more segments and the treating each as a separe target maret needing a different marketing mix
 combined target marketcombining two or more submarkets into one larger target as a basis for one staregtey
 what dimensions are used to segment marketsqualityfying - are those including a customer type on a product market, sunblock

 determining dimensionsthe more specific you want to be the more particulare determing dimensions should be.
 7 step approach in determine the product marketfind the product market- building motel in the city
needs - comfort, entertainment serivce, ( brainstorming)
homogeneous markets
dimension - qualifying - comfort, determing - services
name the product market - family, buisness people
evaluate why product market segmenats behave as they do - confusion, some resort peple would be family vacatiosn
make a rough estimate a size of each product - market segment - how many family people, demographics
 clusteringrequires a computer, tries to find silimar pattersn within sets of data, , demographic characters
 crmpast purchases of the consumer
 positioningrefers to how customers think about proposed to present brands in a markets,
 positioning mapare based on customers perceptions the actual characteristics of products might be different.
 4 requirements for effective segmentationmeasurably - 30 billion left handers
accessibly- can we reach out the market
sustainability- each segment should be big enough to make a profit
actionable - act on the market
 3 types of market targetingundifferentiated marketing- one candy bar, the whole market with one procut
differentiated marketing - product should be a few things, mustang, there are many things that fall into this category
concentrated marketing- few people, Rolex watches
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