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level: TARGET MARKETS

Questions and Answers List

level questions: TARGET MARKETS

QuestionAnswer
Demographic or behavioral DimensionsTarget Markets can be Mesurable by?
The identifiable characteristics of individuals and groups of people. Including: Age, sex, family size, income, occupation, education.What are Personal Demographics?
Identifiable characteristics of towns, cities, states, regions, and countires. Including: county size, city, or SMSA, population density, or climate.What are Geographic Demographics?
Social factors, psychological variables, and purchase situations. Including: purchase occasion, user status, user rate, and brand loyalty.What are Behavioral Dimensions?
Refer to those factors that influence consumers' patterns of living or lifestyle. Including: Activites, interests, opinions (AIOs), as well as social class, personality, and values.What are Psychographics?
When the total potential market for a product is too diverse to be treated as a single target market.What does a Heterogeneous Market Mean?
The process by which the total potential market for a product is divided into smaller parts or segments.What is Market Segmentation
Potential buyers within each segment are more similar to each other on key dimensions than to buyers assigned to other segments.What is Homogeneous Segments?
It allows marketers to better match products to the needs of different customer types and allows the firm to create a marketing mix specificially for that segment creating larger success.What are the two advantages to Segmenting Markets?
1. Variables are chosen and market is divided. 2. Profiling the resulting segments.What are the two steps to Segmenting?
Firm evaluates each segment. The firm's target market(s) are choen based on this evaluation.Once the Segmenting Process is Complete what Happens Next?
1. Dimensions must be measurable, market segment must be reachable through existing channels (advertising/media, etc), segment must be large enough to be profitable.What three Conditions must be met in order to be chosen as Target Market?
Only one segmentation variable existsWhat is Single-Variable Segmentation
Two or more variables or bases recognizes the importance of interrelationships between factors in defining market segments.What is Multi-Variable Segmentation
SEE PHYSICAL FLASHCARD.Draw Target Market Segmentation Chart
Focus on one segment as a target market.What is Single-Segment or Concentration Strategy?
More than one target market with corresponding market mixes for each. Also known as differentiated marketing.What is Multiple Segmentation Strategy?
Treating total potential market as a whole-one vast target market.What is Undifferentiated or Mass Marketing Strategy?
Refers to the importance that consumers attach to the purchase of a particular item.What is Consumer Involvement?
Perceived to be personally important, product is expensive, customer lacks information about product, risks with making a bad decision are high, product offers great benefits to consumer.List examples of High Consumer Involvement
Need or problem recognized, search for relevant information, identification and evaluation of alternatives, purchase decision, post-purchase behavior.High Involvment Decision-Making can be characterized by five stages. List.
The state of mental anxiety caused by a consumer's uncertainty about a purchase. Remains uncertain and less than fully satisfied with final selection.What is Cognitive Dissonance?
Need or problem recognized, purchase decision, post-purchase behavior.Low Involvement Decision Making can be characterized by three stages. List.
Organizational buyers derive their demand from the anticipated demand by consumers for finished goods.What is Derived Demand?
Customer type, Customer size, buying situation.What are the three characteristics exclusive to non-consumer markets?
Manufacturers, wholesalers, retailers, government agencies, non-profits.What is Customer Type in non-consumer markets?
Based on the purchasing power of buyers rather than the number of buyers.What is Customer Size in non-consumer markets?
New-task buying, straight Rebuy, or Modified Rebuy.What are the three types of buying situations in non-consumer markets?
Most complex requires greater gather information and evaluating. More people involved. New processes not previously purchased by firm.What is New-task buying?
Process is used to purchase inexpensive, low-risk products. Previous purchases are simply reorderred to replace depleted inventory.What is Straight ReBuy?
Purchase situation is less complex than new-task and more involved than straight rebuy. Some information is required to reach decisions and limited numberof alternatives may be evaluated.What is Modified ReBuy?
Buyers, Users, Influencers, Gatekeepers, Deciders.List the Five Types of Individuals that making buying decisions.
Those who identify suppliers, arrange terms of sale, carry out purchase.What is a Buyer?
People within the firm who will use the product.What is a User?
Those who establish product requirements and specifications based on their technical expertise or authority within the organization.What are Influencers?
Those within the organization who control the flow of relevant purchase-related information.What are Gatekeepers?
It is an entity comprised of all the people who participate in or influence the decision-making process. it is NOT a specific place or location.What is a Buying Center?