BA - Studying 2

Behavioristic Market Segmentation

some characteristics of the consumer's behavior toward the product. The characteristics commonly involve some aspect of product use. Benefit segmentation is also a type of behavioristic segmentation.

Multi-segment Approach

the marketer aims its marketing efforts at two or more segments, developing a marketing strategy for each

Distribution is sometimes referred to as ____ in the marketing mix.

"Place" because it helps with the 4 P's (Product, price, promotion & distribution)

Marketers of _____ include political parties, churches, and schools.

Ideas

Political, legal, regulatory, social, competitive, economic, and technological forces comprise the ____________ .

Marketing Environment

What is the central focus of all marketing activities?

The buyer

Buying Behavior

The decision processes and actions of people involved in buying and using products

Market Segmentation

The process of dividing the total market into groups whose members have similar characteristics. (most firms use this)

B2B & B2C

They can both be used by markets

Types of Target Market Strategies

Total-Market Approach ( Single Marketing Strategy ) Concentration Approach (Single Marketing Strategy) Multi-segment Approach (Can have more than 1 strategy)

Total-Market approach (Mass marketing)

When a company tries to appeal to everyone and assume that buyers will have similar and/or common needs. (also known as mass marketing)

A market segment is

a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires

Market

a group of people who have a need, purchasing power, and desire the and authority to spend money on goods, services and ideas.

Concentration approach

a market segmentation approach whereby a company develops one marketing strategy for a single market segment

How many segement variables are there for marketing?

4 - Demographic, Geographic, Psychographic, Behavioristic

Because it relates directly to the generation of revenue, ______ is considered a key element of the marketing mix.

Price

Which four elements make up the marketing mix?

Price, Distribution, Product, Promotion

Two Types of Data

Primary & Secondary Primary - observed, recorded, or collected directly from respondents. Secondary - are compiled inside or outside the organization for some purpose other than changing the current situation.

Any physical good, service, or idea that satisfies a want or need is a(n)

Product

Automobile companies truly seem to be listening to customers who are environmentally concerned by offering more fuel-efficient cars. Companies are adjusting the ______ factor of the marketing mix.

Product

A good outcome from using ______ networks is the opportunity to reach new voices and gain varied perspectives on the creative process of developing new products and promotions.

Social

Marketing Strategy

a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers

Promotions include

advertising, personal selling, publicity, and sales promotion. - AIM of Promotion is to communicate directly or indirectly with individuals, groups and orgs to facilitate exchange.

Demographic Market Segmentation

age, gender, family size, family life cycle, income, occupation, education, race, religion, generation, nationality. The most popular bases for segmenting customer groups, needs, wants, and usage often vary. Easier to measure than most other types of variables

Characteristics that commonly involve some aspect of product use is _____ segmentation.

behavioristic

Learning

brings about changes in a person's behavior based on information and experience.

Virtual testing

combines sight, sound, and animation to facilitate the testing of concepts as well as packaging and design features for consumer products.

Ideas include

concepts, philosophies, images, and issues.

Psychographic Market Segmentation

defining groups by values, attitudes, personality, and lifestyles (EX-feelings and inclinations)

Social Classes

determined by ranking people into higher or lower positions of respect.

Geographic Market Segmentation

divides the market into different geographical units such as nations, regions, states, counties, or county size, climate, and density

Reference Groups

include families, professional groups, civic organizations, and other groups with whom buyers identify and whose values or attitudes they adopt.

Marketing Research

is a systematic, objective process of getting information about potential customers to guide marketing decisions.

Motivation

is an inner drive that directs a person's behavior towards goals. A customer's behavior is influenced by a set of motives rather than by a single motive.

a Service

is the application of human and mechanical efforts to people or objects to provide INTANGIBLE benefits to customers.

Culture

is the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts.

Attitude

knowledge and positive or negative feelings about something.

Target Market

one or more specific groups of potential consumers toward which an organization directs its marketing program

Marketing Mix

refers to four marketing activities - product, price, distribution and promotion. The buyer or the target market is the central focus of all marketing activities.

Personality

refers to the organization of an individual's distinguishing character traits, attitudes, or habits.

Perception

the process by which a person selects, organizes, and interprets information received from his or her senses

B2C (Business-to-Consumer)

the process in which businesses sell to consumers

B2B (Business-to-Business)

the process of selling merchandise or services from one business to another

Intermediaries (usually wholesalers & retailers) perform what 4 activities?

transporting, warehousing, materials handling, and inventory control..as well as packaging and communication.

Interactive multimedia research is also known as

virtual testing

A product

whether a good, a service, and idea or some combination - is a complex mix of tangible and intangible attributes that provide satisfaction and benefits

Social Roles

which are a set of expectations for individuals based on some position they occupy. These roles can influence buying behavior.